Newsroom
Lawmakers discuss diversity issues with FI regulators
The House Financial Services Subcommittee on Diversity and Inclusion Tuesday held a hearing with representatives from various financial institution regulators, including the NCUA, and explored ways to ensure the financial services industry is representative of the U.S. population.
NCUA Office of Minority and Women Inclusion (OMWI) Director Monica Davy in her written testimony for the hearing touted the industry's "vital role in providing safe and affordable financial services in our nation's underserved communities." She also highlighted the NCUA's efforts to promote diversity, equity, and inclusion (DEI) within the credit union industry and how the agency is working to diversify its workforce.
The OMWI in April released its annual report that highlighted key findings from credit unions' diversity assessments and the NCUA's DEI efforts.
During Tuesday's hearing, Subcommittee Chairwoman Joyce Beatty, D-Ohio, asked Davy about credit unions' diversity assessments and if they should be mandatory. Currently, the Credit Union Diversity Self-Assessment is voluntary, and Davy indicated the agency is satisfied with that. NCUA Chairman Rodney Hood last month encouraged credit unions to complete the assessment to help the industry make more of an impact on societal justice.
In addition to assessing the diversity of financial institutions, lawmakers and regulators also discussed ways to ensure the agencies' workforces are also representative.
DEI is a priority for the NCUA; Hood has been vocal on increasing financial inclusion and NCUA Board Member Todd Harper recently gave an update on those efforts to NAFCU member credit unions.
DEI remains a priority for NAFCU among its own staff and in its advocacy with the NCUA and Congress to ensure credit unions can continue serving their communities.