Originally Published: 08 JUL 21 11:48 ET

By Alexis Benveniste, CNN Business

(CNN) -- The Federal Reserve Bank of Minneapolis is requiring all current employees to be fully vaccinated against Covid-19 by the end of August. The vaccination policy will also apply to the bank's future hires.

More than 90% of the bank's staff worked remotely during the pandemic. The Federal Reserve Bank of Minneapolis was "losing something by being almost fully remote," the bank's president and CEO Neel Kashkari said in a statement Wednesday. He said the bank's work requires close collaboration among staff. "While we will enjoy more flexibility in where we work going forward, we are not going to be a fully remote institution," Kashkari said.

More than 82% of the bank's staff is now vaccinated, according to Kashkari, and most of the remaining 18% have not shared their vaccination plans. He added that a small percentage of the staff has indicated that they do not plan to get vaccinated. Accommodations will be provided for "those who cannot get vaccinated due to medical conditions or sincerely held religious beliefs," according to the statement.

The conversation surrounding vaccination requirements for employees has heated up as more companies entertain the idea of returning to the office. Goldman Sachs announced in June that it is mandating its US employees to share their vaccination status, and while vaccination is not required, the company is encouraging all staff to do so if possible. Similarly, Bank of America is not directing its employees to report their vaccination status, but said it expects them to input their status in the company portal.