ALEXANDRIA, Va.—Credit unions have received a letter from NCUA (16-CU-05) outlining tools and resources to help them address diversity and inclusion.
The letter included a Voluntary Credit Union Self-Assessment Checklist to help credit unions assess their diversity and inclusion policies and practices and identify opportunities to put those policies and practices to work.
“The goal of this voluntary self-assessment is to establish a baseline for evaluating diversity and inclusion in the credit union system. Individual credit union assessment results will not be shared with examiners and will have no bearing on CAMEL ratings. There is no penalty for credit unions that currently have limited or no diversity or inclusion polices in place,” NCUA stated in the letter.
In addition to the checklist, NCUA also included a handout from the agency’s Office of Minority and Women Inclusion and a copy of the 2015 rule approved by federal financial regulatory agencies on diversity standards and practices.
“Credit unions exist to provide affordable financial services through a member-owned, cooperative business model. This idea hasn’t changed since the first credit union in the U.S. opened in 1909. What has changed, however, is the diversity of our population. Communities across America have seen significant demographic shifts in recent years. These shifts are creating new, as-yet-untapped markets that could be key to a credit union’s continued success and growth,” stated the agency.
Credit unions, especially those with at least 100 employees, are being encouraged to complete the self-assessment and return it to NCUA’s Office of Minority and Women Inclusion between Oct. 1 and Nov. 30, the agency said.
“Creating a standard assessment of diversity and inclusion policies and practices in regulated entities is required by the Dodd-Frank Act, Section 342(b)(2)(C),” NCUA explained. “This self-assessment was designed by NCUA to be a simple process credit unions can use to easily share their ongoing efforts to increase diversity and create an inclusive environment for both employees and members.”