August 04, 2020

NCUA chairman encourages CUs to participate in diversity self-assessment

NCUAIn a Letter to Credit Unions issued Monday, NCUA Chairman Rodney Hood encouraged credit unions to complete the voluntary Credit Union Diversity Self-Assessment to show their commitment to diversity, equity and inclusion (DEI) efforts and evaluate diversity programs and practices.

“It has been nearly two months since George Floyd died in Minneapolis while in police custody. There’s no question there is a tremendous amount of pain and anger surrounding another instance of abuse of authority against a black man,” wrote Hood in the letter. “At the same time, however, I am heartened by the responses from so many in the credit union community.

“If there is a common thread to what I am hearing, it is that people want to know what they can do that will truly make a difference,” Hood said. “People want to move beyond platitudes and vague expressions of support, so we can focus on real changes that will have a concrete impact.”

Hood noted the self-assessment is not a requirement for credit unions and will have no negative impact on a credit union's CAMEL rating. He encouraged credit unions to take this small step forward to see areas in which they can strengthen their commitment to DEI.

While the self-assessment is open year round, the cutoff date for submission is Jan. 15 of the following year.

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.

In addition, 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.