• Do Credit Unions Still Have A Duty To Maintain An Affirmative Action Plan?
  • February 13, 2012 | Authors: Regan K. Dahle; Gary W. Klotz
  • Law Firms: Butzel Long - Ann Arbor Office ; Butzel Long - Detroit Office
  • Credit unions with 50 or more employees have maintained affirmative action plans in the past, in part because they acted as issuing and paying agents for U.S. savings bonds. Effective January 1, 2012, however, financial institutions no longer sell U.S. savings bonds. The end of that role, however, does not end a credit union’s duty to have an affirmative action plan. The reason is that, according to the Office of Federal Contract Compliance Programs, a credit union with 50 or more employees and with “federal share and deposit insurance” through NCUA is a government contractor that has a duty to have an affirmative action plan. This Client Alert explains this issue.