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Have you heard of Executive Order 11246? It might sound like something out of a history textbook, but it could land your credit union or financial institution in hot water. This order, signed by President Johnson in 1965, prohibits discrimination based on race, color, religion, sex, and national origin for federal and government contractors.
Here’s the twist: Credit unions can be considered “federal contractors” by the Office of Federal Compliance Programs (OFCCP) simply by having federal deposit insurance! If your credit union has 50 or more employees and NCUA-insured deposits, you’re subject to these regulations.
So, what does this mean