Newsroom
NCUA recognizes Juneteenth, releases report on MDIs
NCUA Board Chairman Rodney Hood Friday recognized the significance of Juneteenth and reiterated his call for the credit union industry to work toward greater financial inclusion for all Americans. The agency also released its annual report to Congress detailing the financial condition of Minority Depository Institution (MDI) designated credit unions.
Additionally, Hood discussed the agency's efforts to promote financial inclusion in a new op-ed in American Banker. Earlier this month, federal financial regulators, including the NCUA, released a statement on the importance of financial inclusion.
“As the nation celebrates this year’s Juneteenth, we must recommit ourselves to the principles of diversity, equity, and inclusion, which are necessary to foster and promote greater opportunity for all Americans,” said Hood in a statement. “As we reflect on the enormous significance of this day and what it represents, it should also remind us how much further we must go.
"The recent protests across America and the COVID-19 pandemic, which has disproportionately affected minority communities, have illustrated the economic and financial challenges of minority, rural, and underserved communities," Hood added. "These events underscore the importance of MDI credit unions to their communities, and the NCUA has and will continue to find more avenues of support for these institutions.”
According to the newly released report, the NCUA regulated 514 MDI federally-insured credit unions (FICUs) in 36 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands at the end of 2019.
Overall, MDI credit unions served more than 3.9 million Americans and had assets of $40.5 billion. Approximately 10 percent of all FICUs are MDIs.
View the report for more insights, including details on the agency's MDI preservation program.
Credit unions are also encouraged to fill out the NCUA's annual voluntary diversity self-assessment, to help inform the agency's database of credit unions’ activities related to diversity and inclusion.
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.
The association is currently requesting additional support for MDIs, CDFIs, and the NCUA's Community Development Revolving Loan Fund (CDRLF) to ensure Americans and small businesses suffering most from the coronavirus pandemic are not left behind.
The association has also pledged to promote programs and resources to help Americans reach their financial goals, including working with the CFPB and NCUA on financial literacy resources.
Share This
Related Resources
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Get daily updates.
Subscribe to NAFCU today.