In 1965 President Lyndon B. Johnson signed Executive Order 11246. It was
amended in 1967 by Executive Order 11375 and again in 1978 by
Executive Order 12086. The Order in essence prohibits discrimination
by federal contractors on the basis of religion, sex, race, or
national origin.
Banks and other financial institutions with 50 or more employees are deemed
to be federal contractors as defined by the Executive Order. A more
specific definition of this requirement is noted in the January 2002
issue of the Banking and Finance Magazine.
The article states: “... officials at the Office
of Federal Contract Compliance Programs ("OFCCP"), the
Department of Labor Division charged with enforcing affirmative action
requirements, have indicated that the OFCCP considers the fact that
financial institutions take federally insured deposits……in order
to classify them as a Federal Contractor. In the past year, the OFCCP
has audited numerous financial institutions ... throughout the
country.”
This is classification exists because they hold treasury tax or loan
accounts, handle saving bonds, and act as government depositories
classified as federal contractors. In
addition, banks with 50 or more employees must file an EEO-1 Report by
September 30 of each year with the EEOC. We file your EEO-1 Report for
no additional cost.
We thoroughly review
client-provided data to ensure its accuracy and to ensure it is
displayed in as positive a light as possible. We also ensure the
client understands the potential issues we believe a federal auditor
would find during a compliance review and offer suggestions for
resolving those issues.
These processes are done for
affirmative action plans covering minorities, women, disabled
individuals, and covered veterans. We will also represent you in case
of an OFCCP audit to insure OFCCP understands the nature of your plan
and how it is managed. There is no additional cost for this except
normal travel related expenses. Our plans have passed the OFCCP audit
requirements.
We will also provide you with
a Non-disclosure Agreement that protects the confidentiality of
your data.
The cost of preparing a plan
for your bank is $1,750.00 which includes filing your EEO-1 Report by
September 30 of each year. There is no contract to sign, and we will
provide you with a Non-disclosure Agreement prior to beginning your
Plan.
For more information please contact us for specifics
for you bank's needs.