FDIC / NCUA – An Affirmative Action Tie

Financial institutions with federal share and deposit insurance are considered to be government contractors and may be subject to requirements under one or more of the laws enforced by the OFCCP, including the development of an affirmative action program.  Such financial institutions are considered to be government contractors within the meaning of the regulations implementing Executive Order 11246, as amended, the Vietnam Era Veterans' Readjustment Assistance Act of 1974 (VEVRAA), as amended, 38 U.S.C. 4212 and Section 503 of the Rehabilitation Act of 1973 (Section 503), as amended.   

The implementing regulations for Executive Order 11246 at 41 CFR 60-1.3 have consistently defined a government contract as any agreement or agreement modification between any contracting agency and any person for the purchase, sale or use of personal property or nonpersonal services. The term "nonpersonal services" includes, but is not limited to, the following services: utilities, construction, transportation, research, insurance, and fund depository. This definition thus explicitly includes agreements for insurance.

If you would like to discuss your company’s affirmative action requirements, please call, 1-800-330-9000 or click here to schedule a convenient time for a THOMAS HOUSTON professional to call you. 
If you would like to find out more about the services THOMAS HOUSTON, associates, inc. has to offer, please visit our website at:  www.THOMASHOUSTON.com
For more information on OFCCP jurisdiction, click here