FEDERAL DEPOSIT INSURANCE CORPORATION ANNUAL REPORT 2021 14 

DIVERSITY AND INCLUSION
 

DIVERSITY AND INCLUSION 

DIVERSITY, EQUITY,

INCLUSION, AND

ACCESSIBILITY 

Diversity, equity, inclusion, and accessibility (DEIA) are fundamental aspects of the work at the 

FDIC. Our ability to meet our mission of preserving and promoting public confidence in the 

U.S. financial system requires that we understand the increasingly diverse U.S. population. 

Establishing and maintaining an equitable, inclusive, and accessible workplace that is as 

diverse as the communities we serve helps us to effectively respond to the needs of those who 

participate in the banking system. 

The Office of Minority and Women Inclusion (OMWI) supports this commitment by ensuring 

equal employment opportunity and evaluating and addressing issues related to the racial, 

ethnic, and gender diversity of the FDIC workforce. OMWI, through its outreach efforts, 

works to ensure the fair inclusion and utilization of minority- and women-owned businesses 

(MWOBs), law firms (MWOLFs), and investors in contracting and investment opportunities. 

OMWI is also responsible for assessing the diversity policies and practices of FDIC-regulated 

financial institutions. 

Workforce Diversity and 

Workplace Inclusion and 

Accessibility at the FDIC 

The FDIC published a new Diversity, Equity, and Inclusion (DEI) Strategic Plan for 2021-23. 

This plan outlines strategies to promote workforce and workplace inclusion and sustainability 

of diversity and inclusion efforts. The plan also calls for the FDIC’s Divisions and Offices 

to establish their own DEIA operational plans, cascading the corporate goals throughout 

the agency. 

In 2021, the FDIC also implemented several new initiatives to increase DEIA throughout the 

agency, including by establishing: 

 A DEIA FDIC Performance Goal. The FDIC implemented a new corporate

performance goal that encompasses promoting DEIA in our workforce and 

business operations. 

FEDERAL DEPOSIT INSURANCE CORPORATION ANNUAL REPORT   
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 Enhanced Recruitment Initiatives. The FDIC participated in various activities 

with the White House Initiative on Advancing Educational Equity, Excellence and 

Economic Opportunity for Historically Black Colleges and Universities (HBCUs) 

and the White House Initiative on Advancing Educational Equity, Excellence, 

and Economic Opportunity for Hispanics to develop and cultivate stronger 

relationships that will ultimately expand our talent pool. 

 New Leadership Development Programs. The FDIC launched two new 

leadership development programs, which are designed to develop the next 

generation of leaders with a corporate-succession management focus to increase 

DEIA in the FDIC’s leadership. 

 “Celebrating our Uniqueness” National Listening Tour. All FDIC employees 

were invited to share their life experiences and discuss how these perspectives 

impact them in the workplace. The sessions focused on: Rural Communities, 

LGBTQ+, Economically Disadvantaged, First Generation Professionals, Persons 

with Disabilities, Veterans, Generations in the Workforce, Religious Beliefs, 

and Caregivers. 

 First Generation (FirstGen) Professionals Program. The FDIC developed and 

implemented a FirstGen initiative to support first generation professionals in 

the workplace. 

 Barrier Analysis. To improve our ability to recruit, retain, and develop 

employees, the FDIC engaged an independent consultant to help us identify 

and develop strategies to address any potential barriers to our DEIA success. 

 Pay Adjustment Review. As a result of a pay equity review in 2020, the FDIC 

implemented a new system for setting incoming employees’ pay. Related to the 

implementation of the new pay system, current employees were afforded the 

opportunity to request a pay adjustment review to ensure that they are paid in 

accordance with the principles underlying the new pay-setting system. 

 Equal Access for People with Disabilities. The FDIC hosted a series of 

educational events as part of a Mission Accessible campaign. The campaign 

promoted awareness of the need for equal access to information for people with 

disabilities. 

As a result of past and current efforts, we continue to make progress to achieve our DEIA goals. 

At the end of 2021, minorities represent 32 percent of the permanent workforce and women 

account for more than 44 percent. Individuals with disabilities account for 14 percent of the 

workforce, above the 12 percent federal benchmark. Further, the FDIC has increased diversity 

across leadership: minorities hold 25 percent of the management-level positions at the FDIC, 

and women hold 41 percent. Almost 13 percent of new FDIC hires in fiscal year 2021 were 

veterans. As a result, we increased onboard representation of veterans, including veterans 

with disabilities. 

Despite these gains, we know there is much more to do, and we remain committed to 

achieving all of the goals outlined in our DEI Strategic Plan. 

FEDERAL DEPOSIT INSURANCE CORPORATION ANNUAL REPORT   
 

DIVERSITY AND INCLUSION 

ACHIEVING FDIC WORKFORCE DEIA GOALS IN ‚TM‚f 

Minorities 

represent 32% 

Women account 

for more than 44% 

Individuals 

with disabilities 

account for 14% 

Almost 13% of 

new FDIC hires in 

fscal year 2021 

were veterans, 

including 

veterans with 

disabilities. 

FDIC has increased diversity across leadership: 

minorities hold 25 percent of the management-level 

positions at the FDIC, and women hold 41 percent. 

Minority- and Women-Owned 

Business Outreach 

Due to COVID-19, many of the events the FDIC typically attends to engage with MWOBs 

were cancelled or postponed in 2021. Instead, the FDIC participated in virtual procurement 

outreach events and attended webinars to connect with MWOBs. The FDIC also targeted 

diverse publications and utilized social media platforms to market its own virtual procurement 

events. Additionally, the FDIC uses its website to raise and improve public awareness about 

the agency’s procurement process and initiatives. 

The FDIC’s staff also served as panelists and participated in 10 procurement events, including 

events hosted by the U.S. Pan Asian American Chamber of Commerce and the U.S. Women’s 

Chamber of Commerce. At these events, the FDIC’s staff provided essential education and 

information about procurement opportunities at the FDIC, and responded to inquiries about 

business opportunities for MWOBs, strategies for connecting with other MWOBs and prime 

contractors for potential teaming and subcontracting opportunities, and challenges MWOBs 

face in the contracting process. 

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DIVERSITY AND INCLUSION 

The FDIC also hosted three Pitch Day sessions and two free virtual Technical Assistance 

Events. The Pitch Day events allowed MWOBs to market their business capabilities to the 

FDIC for potential agency contracting opportunities. OMWI also worked with the FDIC’s 

Acquisition Services Branch to host a series of virtual events that highlighted resources 

to enhance networking connections and best practices. These efforts better positioned 

companies for potential partnerships. 

These events also allowed for sharing In 2021, the FDIC firsthand knowledge for responding 

to the FDIC’s request for proposals, paid $130.0 million 

and included recommendations on of its total contract how companies could articulate 

their added-value to the proposal. payments (27 percent) Additionally, FDIC demonstrated a 

mock session of the four phases of to MWOBs, under 

the contracting process to enhance 226 MWOB contracts. the firms’ understanding of our 

acquisition business model. 

In 2021, the FDIC awarded 135 contracts (33 percent) to MWOBs out of a total of 404 issued. 

The FDIC awarded contracts with a combined value of $845.5 million in 2021, of which 49 

percent ($416.4 million) was awarded to MWOBs. By comparison, in 2020, 117 of 409 contracts 

(29 percent) and $90.0 million of $426.7 million (21 percent) was awarded to MWOBs. In 2021, 

the FDIC paid $130.0 million of its total contract payments (27 percent) to MWOBs, under 226 

MWOB contracts. 

MWOB CONTRACTS AWARDED 

In 2021 In 2020 

33% 

135 out of 404 issued 

awarded to MWOBs 

49% 

of combined value 

of contracts awarded 

to MWOBs 

21% 

of combined value 

of contracts awarded 

to MWOBs 

29% 

117 out of 409 issued 

awarded to MWOBs 

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ANNUAL REPORT  9


DIVERSITY AND INCLUSION 

Minority- and Women-Owned 

Law Firm Outreach 

The Legal Division’s outside contracting outreach faced two major challenges in 2021—the 

continued decline in the need for outside counsel services and the COVID-19 pandemic. 

Notwithstanding the decline in bank resolution activity, the FDIC paid $385,000 in legal fees 

to MWOLFs and paid $3.2 million to diverse attorneys in 2021. Taken together, the FDIC paid 

$3.56 million to MWOLFs and diverse attorneys out of a total of $19.56 million spent on outside 

counsel services, for an aggregate 18 percent diversity and inclusion participation rate in 

outside legal contracting in 2021. The FDIC made 11 referrals to MWOLFs, which accounted for 

29 percent of all legal referrals. 

The Legal Division undertook several efforts in 2021 in order to offset the impact of the 

COVID-19 pandemic on legal contracting outreach. First, the Legal Division continued a legal 

contracting advertising campaign for its supplier diversity program in a well-regarded group 

of diversity-related publications. In addition, the Legal Division organized regular virtual 

meetings with current diverse legal services providers (DLSPs) on the FDIC List of Counsel 

Available (LCA) in order to maintain relationships with firms that are currently working with the 

Corporation. Lastly, the Legal Division, in cooperation with OMWI, created the Legal Division 

Virtual Pitch Day. This virtual event provided DLSPs a platform to present their firm’s legal 

expertise to FDIC in-house attorneys. The FDIC Legal Division participated in seven minority 

bar association conferences and three stakeholder events, all of which were virtual programs. 

This included the Legal Division’s participation in a National Association of Minority and 

Women Owned Law Firms (NAMWOLF) webinar about opportunities to perform work for failed 

bank receiverships. Each of the events provided vital networking opportunities, allowing the 

FDIC to maintain a seamless outreach experience and engagement with our stakeholders. 

In 2021, the Legal Division partnered with NAMWOLF to interview and recruit 14 new MWOLFs 

in various geographic areas in the event of an increase in bank resolution activities, and 

increased the percentage of MWOLFs on the LCA from 30 percent to 40 percent. This step 

will ensure an equitable competition for all available legal contracting opportunities, and the 

Legal Division will continue to foster relationships between DLSPs and FDIC in-house counsel. 

Financial Institution Diversity 

Financial Institution Diversity (FID) is a program for assessing the diversity policies and 

practices of FDIC-regulated financial institutions. Financial institutions are encouraged to 

conduct a self-assessment annually, and share results with OMWI. In 2021, the FDIC released 

an automated Form 2710/05, Diversity Self-Assessment of FDIC Regulated Financial Institutions, 

which was designed to make the completion of the assessment more user-friendly and secure 

for financial institutions. 

FEDERAL DEPOSIT INSURANCE CORPORATION 
 

DIVERSITY AND INCLUSION 

The FDIC received 148 self-assessments 

from 773 regulated institutions having 100 SELF-ASSESSMENT OF or more employees for the 2020 reporting REGULATED INSTITUTIONS period, representing 19 percent of all 

regulated institutions. 

Analysis of the self-assessment data allows 

OMWI to identify exemplary practices that 

financial institutions have implemented 

as part of their workforce recruitment, 

supplier diversity procurement, and training 

practices. 

19.% 

Minority 773 19%

Regulated institutions FDIC received Depository having 100 or more 148 Self-Assements 

employees Institutions 

Activities 

The preservation and promotion of MDIs remains a long-standing, top priority for the FDIC. 

The FDIC’s research study, Minority Depository Institutions: Structure, Performance, and Social 

Impact, published in 2019, found that MDIs have played a vital role in providing mortgage 

credit, small business lending, and other banking services to minority and low- and moderateincome (LMI) communities. MDIs are anchor institutions in their communities and play a key 

role in building a more inclusive financial system. 

In 2021, significant new sources of private and public funding became available to support 

FDIC-insured MDIs and Community Development Financial Institutions (CDFIs), collectively 

known as “mission-driven banks.” This includes up to $9 billion in funding from Treasury 

through the Emergency Capital Investment Program, as well as $3 billion in new grant funding 

for CDFIs, including $1.2 billion set aside for minority lending institutions. The FDIC initiated 

additional capital support for MDIs and CDFIs through the standup of the Mission-Driven Bank 

Fund (discussed below). 

During 2021, the FDIC pursued several strategies to support MDIs. These included increasing 

engagement and representation, facilitating partnerships to provide new capital and other 

tools and resources, updating policies, and promoting the MDI sector through advocacy, as 

well as by providing outreach, technical assistance, and education and training for MDIs. 

ENGAGEMENT AND REPRESENTATION 

The FDIC’s MDI Subcommittee of the Advisory Committee on Community Banking (CBAC) 

held three virtual meetings in 2021. The subcommittee is comprised of nine MDI executives 

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DIVERSITY AND INCLUSION 

representing all types of MDIs and provides a venue for minority bankers to discuss key issues, 

share feedback on program initiatives, and showcase MDI best practices. 

In addition, representatives from three MDIs serve on the 18-member CBAC to further bring 

MDI perspectives and issues to the table. During 2021, the FDIC also engaged in deeper 

relationships with mission-driven bank trade groups to facilitate effective implementation of 

some of the new resources becoming available to mission-driven banks. 

In November 2021, the FDIC created a new permanent organization, the Office of Minority 

and Community Development Banking, to support the agency’s ongoing strategic and direct 

engagement with MDIs and CDFIs. The new office will advise the Chairman and other senior 

leaders on FDIC activities that support mission-driven banks. It will also engage with these 

institutions to promote financial inclusion; encourage development and investments in LMI 

communities; and support FDIC-insured MDIs, CDFIs, and other financial institutions that 

serve LMI communities. The new office will, among other things, partner with government 

and private-sector organizations to build capacity in the mission-driven banking sector; 

expand FDIC research on mission-driven banks; develop strategies to encourage the creation 

of new MDIs and CDFIs; provide technical assistance that supports innovation and technology 

solutions for mission-driven banks; and promote partnerships between mission-driven banks, 

other financial institutions, and the private sector. 

PARTNERSHIPS 

In September 2021, the FDIC launched the Mission-Driven Bank Fund, a collaborative 

investment framework to drive capital investment and other funding to FDIC-insured MDIs and 

CDFIs that support LMI, minority, and rural communities. This new capital investment vehicle 

was designed to help these institutions build size, scale, and capacity, which, in turn, would 

allow them to: 

 Provide affordable financial products and services to individuals and businesses; 

 Stimulate economic and community development; and 

 Build opportunity and prosperity. 

The fund is a unique publicprivate partnership with the 

FDIC creating the design, 

mission orientation, and 

founding documents. As 

anchor investors, Microsoft 

and Truist Financial 

Corporation will lead the 

investment fund. In addition, 

Discovery, Inc. joined as 

a founding investor in the 

fund, bringing the combined 

initial commitment to $120 Launched by the FDIC. 

FEDERAL DEPOSIT INSURANCE CORPORATION ANNUAL REPORT   
DIVERSITY AND INCLUSION 

million, with additional investments expected. An independent fund manager will be hired 

to underwrite investments and manage the fund, with oversight from an advisory council 

comprised of community and business leaders and other stakeholders. The FDIC will retain an 

advisory role to support the fund’s mission focus, but will not contribute capital to, manage, or 

be involved in the fund manager selection process or investment decisions of the fund. 

The FDIC also partnered with Treasury and the Community Development Financial Institutions 

Fund (CDFI Fund) to support new sources of funding made available to MDIs and CDFIs. 

For example, the FDIC developed a Capital Estimator Tool for mission-driven banks and a 

Regulatory Capital Guide. These offerings enabled mission-driven banks to approximate the 

impact of additional capital on regulatory capital ratios through various “what-if” scenarios 

and inform decisions on the types of capital they sought. The FDIC also co-sponsored an 

interagency webinar to demonstrate use of the tool and guide. In addition, the FDIC cosponsored a webinar with the CDFI Fund and MDI and CDFI trade groups to enable institutions 

to learn about the benefits of CDFI designation, especially given new grant funding for 

minority lending institutions. 

POLICIES 

In June 2021, the FDIC’s Board of Directors updated and strengthened its Statement of Policy 

Regarding Minority Depository Institutions. The revised policy includes updates responsive to 

the public notice-and-comment process conducted in the fourth quarter of 2020. The policy 

statement reflects the agency’s enduring commitment to fulfilling the five statutory goals to 

preserve and promote MDIs and outlines the framework for the MDI program across the FDIC. 

Key changes include emphasis on engagement with MDIs, enhanced technical assistance, and 

a description of how examiners apply examination standards to the unique business models 

of MDIs. 

In 2021, agency staff also developed training modules that will be launched in 2022 to train 

examiners and other staff supporting the MDI program. 

ADVOCACY 

It is important to promote the visibility of MDIs, to tell their stories, and showcase the 

important role they play in their communities. In 2021, the FDIC began planning a 2022 

relaunch of its initiative to record and publish videos of MDI executives sharing their 

institutions’ “origin stories,” highlighting the reasons their institutions were formed, and 

describing how they have served their communities over time. In addition, senior agency 

leaders emphasized the significance of mission-driven banks in numerous external speaking 

engagements and through posts on a number of FDIC social media channels and websites. 

OUTREACH, TECHNICAL ASSISTANCE, AND EDUCATION 

The FDIC co-sponsored the biennial interagency Minority Depository Institution and CDFI Bank 

Conference in September 2021, along with the OCC and Federal Reserve. The conference, 

Navigating the Economy with Resilience and Reinvention, featured the agency principals 

FEDERAL DEPOSIT INSURANCE CORPORATION ANNUAL REPORT   
DIVERSITY AND INCLUSION 

discussing their initiatives to support mission-driven banks, panels led by MDI and CDFI 

CEOs sharing their perspectives, and senior agency leaders discussing current supervisory 

and policy issues. The conference also highlighted key points for building business 

relationships with corporate America, MDIs, and CDFIs; sessions on economic inclusion, 

innovation, and fintech; and breakout sessions during which bankers could speak with their 

primary federal supervisor. 

During the year, the FDIC also continuously pursued efforts to improve communication 

and interaction with MDIs and to respond to the concerns of minority bankers. The agency 

maintains active outreach with MDI trade groups and offers to arrange annual meetings 

between FDIC regional management and each MDI’s Board of Directors to discuss issues of 

interest. The FDIC conducts an annual survey to obtain feedback from MDIs and to help assess 

the effectiveness of the MDI program. 

At the conclusion of each examination of an MDI supervised by the FDIC, the staff is available 

to return to the institution to provide technical assistance by reviewing areas of concern or 

topics of interest to the institution. The purpose of return visits is to assist management 

in understanding and implementing examination recommendations, not to identify new 

problems. 

Through its public website (www.fdic.gov), the FDIC invites inquiries and provides contact 

information for any MDI to request technical assistance at any time. 

In 2021, the FDIC provided 137 individual technical assistance sessions on approximately 

29 risk management, consumer compliance, and resolution topics, including: 

 Accounting, 

 Applications for branch openings and closures, 

 Bank Secrecy Act (BSA) and Anti-Money Laundering (AML), 

 Community Reinvestment Act (CRA), 

 Compliance management, 

 Corporate planning, 

 Current Expected Credit Losses (CECL) accounting methodology, 

 Funding and liquidity, 

 Information technology risk management and cybersecurity, 

 Internal audit, and 

 Loan modifications and Troubled Debt Restructuring. 

The FDIC also held outreach, training, and educational programs for MDIs through conference 

calls and regional banker roundtables. In 2021, topics of discussion for these sessions 

included many of those listed above, as well as strategic and management succession 

planning, FDIC economic inclusion initiatives, emerging risks and areas of concern, IT vendor 

management, and innovation and emerging technology. 

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EMERGENCY CAPITAL INVESTMENT PROGRAM 

The Emergency Capital Investment Program (ECIP) was established by Treasury pursuant 

to the Consolidated Appropriations Act, 2021. The Act authorizes Treasury to purchase 

up to $9 billion of preferred stock and other financial instruments from LMI community 

financial institutions determined by Treasury to be eligible for the investment. The ECIP is 

designed to promote lending, grants, and forbearance for small businesses, minority-owned 

businesses, and consumers, especially in low-income and underserved communities that 

may be disproportionately impacted by the economic effects of COVID-19, by making capital 

investments in operating MDIs and CDFIs. 

The Act requires Treasury to consult with the appropriate federal banking agency before 

making a capital investment pursuant to the ECIP. Accordingly, Treasury requested that the 

FDIC provide specific information for each FDIC-supervised institution that applied to Treasury 

for an ECIP investment or is a subsidiary of a bank holding company that applied for an ECIP 

investment. The FDIC provided information to Treasury for 79 institutions for which Treasury 

requested information. On December 14, 2021, Treasury announced the deployment of more 

than $8.7 billion in ECIP investments in 186 MDIs and CDFIs. 

On March 9, 2021, the FDIC issued a Financial Institution Letter to alert institutions to the 

availability of the ECIP and to provide sources of information to potential applicants. In 

addition, to facilitate the implementation of ECIP, the FDIC, along with the OCC and FRB, 

issued an interim final rule to revise applicable capital rules to provide that Treasury’s 

investments under the ECIP would qualify as regulatory capital for insured depository 

institutions (IDIs) and holding companies. 

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