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NCUA releases 2020 report on diversity, inclusion
The NCUA Wednesday released its Office of Minority and Women Inclusion (OMWI) 2020 Annual Report to Congress, highlighting the agency's efforts to advance diversity, equity, and inclusion (DEI) in its workforce and the industry.
"This report reflects the agency's ongoing commitment to promote diversity, equity, and inclusion as values reflected in our policies and practices," NCUA Chairman Todd Harper said. "The NCUA remains deeply dedicated to advancing diversity, equity, and inclusion in its workforce, business activities, and the credit union system, and creating a greater sense of belonging within the agency for all employees."
DEI has been a priority for the NCUA, including under Harper and former Chairman and current Board Member Rodney Hood. The agency in October launched its Advancing Communities through Credit, Education, Stability, and Support (ACCESS) initiative to support greater financial inclusion. During a meeting earlier this year, NAFCU and member credit unions met with the NCUA on the ACCESS initiative.
Some highlights from the NCUA's 2020 report include:
- 41.5 percent of the NCUA's new hires in 2020 were people of color and gender diversity among the agency’s senior executives achieved parity for the first time;
- 188 federally insured credit unions submitted Voluntary Credit Union Diversity Self-Assessments in 2020, up 59.3 percent from 118 submissions in 2019;
- 33.2 percent of the NCUA’s total reportable contracting dollars for the year were awarded to minority- and women-owned businesses; and
- 15 facilitated, open discussions on racial injustice and racism were hosted by OMWI in the aftermath of the killing of George Floyd and the nationwide Black Lives Matter demonstrations, and for nearly all special emphasis programs observances, OMWI hosted an event featuring a guest speaker who provided a range of experiences and insights into how to be more intentionally inclusive in the workplace.
The NCUA's voluntary diversity self-assessments are open to credit unions to complete year round, but has a Jan. 15 cutoff date for submission for the previous year.
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. NAFCU is supportive of efforts to allow credit unions to expand their fields of membership to underserved communities, which has been encouraged by the NCUA and CFPB.
The association is also supportive of President Joe Biden's proposed fiscal year 2022 budget for the Community Development Financial Institutions (CDFI) Fund, which allows CDFI-designated credit unions to better serve members and businesses in low-income, minority communities.