Newsroom

September 07, 2016

NCUA offers self-assessment diversity checklist, business case

NCUA on Tuesday provided credit unions a checklist, an article explaining the business case and an interagency statement regarding the agency's voluntary diversity and inclusion policies and practices via Letter to Credit Unions 16-CU-05.

NCUA encouraged credit unions – especially those with at least 100 employees – to complete the self-assessment and return it to the agency's Office of Minority and Women Inclusion between Oct. 1 and Nov. 30.

In its Letter to Credit Unions, NCUA said the "goal of this voluntary self-assessment is to establish a baseline for evaluating diversity and inclusion in the credit union system." The agency reiterated that credit unions' self-assessments will not be shared with examiners and will have no bearings on CAMEL ratings. NCUA also said there is no penalty for credit unions that do not have diversity or inclusion policies in place.

The included business case explains how diversity and inclusion policies can be a good investment for credit unions.

Last year, six federal regulators, including NCUA, issued a final interagency statement establishing standards for financial institutions to follow in creating and maintaining diversity policies and practices.

NAFCU has urged NCUA to allow credit unions to submit anonymous self-assessments under the voluntary policies and practices adopted by the agency as it will encourage participation and keep information protected from a Freedom of Information Act request.