November 08, 2019

NCUA encourages CUs to complete diversity self-assessment

Kossachev, Hood, Calcano
NAFCU's Ann Kossachev (left) and Alma Calcano (right) with NCUA Chairman Rodney Hood at NCUA's diversity summit Wednesday.

Yesterday, the NCUA encouraged credit unions to participate in the voluntary Credit Union Diversity Self-Assessment as a means for evaluating their institution's diversity programs and practices. 

"The NCUA is committed to supporting diversity and inclusion in the credit union system, and part of that commitment is building a database of credit unions’ activities related to diversity and inclusion," NCUA Chairman Rodney Hood said in a Letter to Credit Unions. "The data that credit unions voluntarily provide helps the NCUA better understand areas where guidance would be useful and, when appropriate, prompts us to issue guidance to help bridge the gaps and assist credit unions with their diversity and inclusion efforts."

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 of all sizes, particularly those with 100 or more employees, to complete the assessment annually.

The letter encouraging completion of the assessment comes on the heels of the agency's Credit Union Diversity, Equity, and Inclusion Summit at which Hood also announced the creation of an NCUA Culture Council. NAFCU Director of Regulatory Affairs Ann Kossachev attended the summit, and led a discussion to help generate ideas for DEI. The NCUA is considering making the Summit an annual event.

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