ALEXANDRIA, Va.–Credit unions need to get better at developing and implementing a sustainable and measurable DEI plan, NCUA reported.
That was one of the findings from the agency's newly released 2023 Credit Union Diversity Self-Assessment Results Report.
The voluntary credit union diversity self-assessment helps federally insured credit unions to assess their diversity, equity, and inclusion efforts, the agency noted.
“By publicly sharing the aggregated results of the voluntary credit union diversity self-assessment, we embrace a shared commitment to greater inclusion within the credit union system. We also better ensure that the system fulfills its statutory mission of meeting the credit and savings needs of members, especially those of modest means,” NCUA Chairman Todd M. Harper said. “These results show positive change in advancing diversity, equity, and inclusion across the credit union system, and I encourage all credit unions to review the results to evaluate and benchmark their own inclusion efforts against others.”
For survey year 2023, credit unions could submit a diversity self-assessment between Oct. 1, 2023, and Feb. 15, 2024. The NCUA received 334 voluntary diversity self-assessments, the agency said.
“The self-assessment helps credit unions evaluate their inclusion practices against five core standards. In its review of the aggregated data, the NCUA identified areas for improvement: supplier diversity, increasing credit unions’ transparency and publishing information on their diversity and inclusion practices, and developing and implementing a diversity, equity, and inclusion strategic plan that is sustainable and measurable,” NCUA said.
Since the voluntary diversity self-assessment launched in 2016 to comply with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, hundreds of credit unions have participated, NCUA said. More information about the voluntary credit union diversity self-assessment is available on the NCUA website at www.ncua.gov/CUDSA.
The 2024 survey year is open now through Jan. 31, 2025.
“To further ensure the confidentiality of the self-assessment responses, the NCUA has contracted Optimal Solutions Group, LLC as a third-party vendor to administer the survey and provide support services to participating credit unions. This change reflects the agency’s commitment to ensuring that the data gathered through the assessment remains separate and distinct from the NCUA’s supervision program,” NCUA explained.