SB2487 Summary

• Financial institutions, State banks, savings banks, and credit unions with at least $100,000,000 in assets must submit annual 2-page supplier diversity reports to the Department of Financial and Professional Regulation by November 15 each year, beginning November 15, 2018.

• Reports must include contact information for the supplier diversity program point of contact, local and State certifications accepted for minority-owned/women-owned/veteran-owned businesses, and voluntary procurement goals with commodity codes for the upcoming calendar year.

• Department shall publish all submitted reports on its website for 5 years after submission and is not responsible for collecting reports or verifying their content.

• Department must hold annual supplier diversity workshops in February beginning in 2019 to discuss reports with representatives from financial institutions and vendors.

• Department shall prepare a one-page template for voluntary supplier diversity reports to standardize submissions.