WASHINGTON—During a House Financial Services Subcommittee on Diversity and Inclusion hearing, NCUA Office of Minority and Women Inclusion (OMWI) Director Monica Davy discussed the work being done by credit unions.
The hearing included representatives from various financial institution regulators in addition to NCUA and was designed to explore ways to ensure the financial services industry is representative of the U.S. population.
In her written testimony, Davy described credit unions’ "vital role in providing safe and affordable financial services in our nation's underserved communities,” and further discussed the agency’s efforts to promote diversity, equity, and inclusion (DEI) within the credit union community as well as at NCUA.
The OMWI in April released its annual report that highlighted key findings from credit unions' diversity assessments and the NCUA's DEI efforts.
During this week’s hearing, Subcommittee Chairwoman Joyce Beatty (D-OH) asked Davy about credit unions' diversity assessments and whether they should be mandatory. Currently, the Credit Union Diversity Self-Assessment is voluntary, and Davy indicated the agency is satisfied with the current state. All three NCUA board members have repeatedly urged credit unions to participate in filling out the assessments.