Skip Header
U.S. flag

An official website of the United States government

2017 Annual Report

Previous | Contents | Next


The Year in Review


Consistent with the provisions of the Dodd-Frank Act, the FDIC continues to enhance its longstanding commitment to promote diversity and inclusion in employment opportunities and all business areas of the agency. The Office of Minority and Women Inclusion (OMWI) supports the FDIC’s mission through outreach efforts to ensure the fair inclusion and utilization of minority- and women-owned businesses, law firms, and investors in contracting and investment opportunities.

The FDIC relies on contractors to help meet its mission. In 2017, the FDIC awarded 210 (28 percent) contracts to minority- and women-owned businesses (MWOBs) out of a total of 737 issued. The FDIC awarded contracts with a combined value of $524 million in 2017, of which 19 percent ($97 million) were awarded to MWOBs, compared to 18 percent for all of 2016. The FDIC paid $110 million of its total contract payments (27 percent) to MWOBs, under 354 MWOB contracts. The FDIC made 67 referrals to minority- and women-owned law firms (MWOLFs), which accounted for 18 percent of all legal referrals in 2017. Total payments to MWOLFs were $6.5 million in 2017, which is 11 percent of all payments to outside counsel, compared to 14 percent for all of 2016.

In 2017, the FDIC Legal Division participated in six minority bar association conferences and three stakeholder events in support of maximizing the participation of MWOLFs in FDIC legal contracting. This participation included serving on several panels and committees, such as the National Association of Minority and Women Owned Law Firms (NAMWOLF) Advisory Council, the NAMWOLF Events Committee, the NAMWOLF Diversity and Inclusion Initiative, and “How to Pitch Law Firm Services to Prospective Clients.” In addition, the Legal Division conducted an MWOLF workshop at the Dallas Regional Office to encourage FDIC in-house counsel to contract with MWOLFs. In recognition of its diversity and inclusion efforts, the FDIC received the NAMWOLF 2017 Diversity Initiative Achievement Award. Also, in 2017, the Legal Division staff worked closely with several MWOLFs on partnering with large non-minority owned firms to compete for FDIC legal referrals.

Pursuant to Section 342 of the Dodd-Frank Act, which requires an assessment of legal contractors’ internal workforce diversity practices, the Legal Division conducted 12 compliance reviews of the top-billing law firms (both non-minority-owned and MWOLFs). The reviews included discussions relating to the recruitment, mentoring, and promotion of diverse attorneys working on FDIC legal matters.

In 2017, the FDIC participated in a total of 35 business expos, one-on-one matchmaking sessions, and panel presentations. At these events, FDIC staff provided information and responded to inquiries regarding FDIC business opportunities for minorities and women. In addition to targeting MWOBs and MWOLFs, these efforts also targeted veteran-owned and small disadvantaged businesses. Vendors were provided with the FDIC’s general contracting procedures, prime contractors’ contact information, and forecasts of possible upcoming solicitations. Also, vendors were encouraged to register through the FDIC’s Contractor Resource List (the principal database for vendors interested in doing business with the FDIC).

The FDIC co-sponsored two technical assistance events. The FDIC, NCUA, and OCC hosted the Cybersecurity Awareness and Preparedness for Your Business event where presenters discussed cybersecurity intrusions in small businesses and what to do when a business is compromised. Cybersecurity requirements for financial institutions were discussed, as well as vendors’ expectations and requirements.

The FDIC, NCUA, and OCC, in collaboration with the Virginia Procurement Technical Assistance Program, hosted the Proposal to Pricing – Developing a Winning Strategy technical assistance event. The presenters shared information on developing winning proposals and pricing strategies. The sponsoring agencies and various procurement trade organizations exhibited at the event.

During 2017, OMWI and the Division of Resolutions and Receiverships (DRR) collaborated to present two FDIC-sponsored asset purchaser workshops that were marketed extensively to minority- and women-owned investors and companies interested in learning about DRR’s sales processes. DRR speakers with strong backgrounds in their respective programs provided details on the various tools used by DRR to market assets and presented information to attendees on how to participate in the transactions and bid on assets offered for sale.

Two outreach events were held in 2017 in New Orleans, LA, to support asset sales resulting from the failure of First NBC Bank. The first event was an investor workshop which included discussions of cash loan sales, structured transactions, real estate liquidations, and other forms of FDIC dispositions. The investor workshop attracted 104 attendees.

The second event was conducted by Owned Real Estate (ORE) staff and was targeted to first-time homebuyers, tenants occupying non-owner occupied ORE, and other prospective purchasers of ORE in the New Orleans area. Housing counselors and lenders specialized in lower-priced home loans were available to help the 79 people who attended the event.

Information regarding the Minority and Women Outreach Program can be found on the FDIC’s website at

The FDIC’s Homeownership Outreach Workshop focused on attendees receiving information on how and why the FDIC acquires properties, the types of properties, and where the properties are listed. At the conclusion of the workshop, the agency hosted a housing fair session where attendees met with representatives of financial institutions and non-profit organizations.

In addition, FDIC worked closely with the OMWIs of the OCC, FRB, CFPB, NCUA, and the SEC to further implement Section 342(b)(2)(C) of the Dodd-Frank Act, which requires the agencies to develop standards to assess the diversity policies and practices of the entities they regulate. After finalizing the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies in 2015, the agency OMWIs received approval from the Office of Management and Budget in 2016 as required by the Paperwork Reduction Act of 1995, to collect information from regulated entities. To facilitate the collection of information from its regulated entities, the FDIC developed an electronic diversity self-assessment instrument to assist FDIC-regulated financial institutions in assessing their diversity programs.

In October 2016, the Acting Director of OMWI distributed a letter to the presidents and Chief Executive Officers (CEOs) of 805 FDIC-regulated financial institutions identified as having 100 or more employees. The letter informed these large institutions about the process for conducting and voluntarily submitting their diversity information to the FDIC. In March 2017, a second reminder letter from the Acting Director of OMWI was distributed to financial institutions to encourage participation.

The FDIC received diversity self-assessments from 95 (12 percent) of its regulated financial institutions. The FDIC will use diversity self-assessment information provided by its regulated entities to track progress and trends in the financial services industry, and to identify exemplary diversity policies and practices.

Although OMWI is pleased with the participation of financial institutions that conducted and submitted a diversity self-assessment in its first year, it is taking steps to increase voluntary participation by augmenting outreach and participation at banking conferences, developing financial institution diversity marketing materials, and making improvements to the program website. OMWI will continue to raise awareness amongst FDIC-regulated financial institutions by identifying leading trends and establishing benchmarks designed to build a strong culture in diversity and inclusion practices.

In November 2017, the Acting Director of OMWI distributed a letter to presidents and CEOs of regulated financial institutions encouraging them to voluntarily submit their 2017 diversity self-assessments by March 31, 2018.


Previous | Contents | Next