Is EO 13496 applicable to a bank or other financial institution if it obtains Federal deposit insurance, acts as an issuing and paying agent for U.S. saving bonds and notes, or is a Federal fund depository?
A bank or other financial institution is a covered contractor if it has an arrangement that meets the definition of a “government contract.†In general, OFCCP interprets “government contract†under Executive Order 13496 as it has under Executive Order 11246. Thus, a bank or other financial institution that obtains Federal deposit insurance, acts as an issuing and paying agent for U.S. savings bonds and notes, or is a Federal fund depository is a government contractor for purposes of both EO 11246 and EO 13496. In addition, these entities may be covered contractors if they have any other arrangement that meets the definition of a “government contract†under the regulations. Such entities are subject to EO 13496 to the same extent as are other Federal contractors.
_________________________
The opinions expressed here should not be construed to be those of my employer:
PPDocs.com