The NCUA sent a letter to credit unions (16-CU-05) Wednesday containing a number of resources designed to help credit unions foster a culture of diversity and inclusivity.
Resources issued by the NCUA include a voluntary credit union self-assessment checklist, a handout from the agency’s Office of Minority and Women Inclusion (OMWI) and a copy of the 2015 rule approved by federal financial regulatory agencies on diversity standards and practices.
According to the NCUA, the goal of the voluntary self-assessment is to establish a baseline for evaluating diversity and inclusion in the credit union system. It was designed by NCUA as a process credit unions can use to easily share ongoing efforts to increase diversity and create an inclusive environment for both employees and members.
Credit unions, especially ones with at least 100 employees, are encouraged complete the self-assessment and return it to OMWI between Oct. 1 and Nov. 30.
Individual credit union assessment results will not be shared with examiners and will have no bearing on CAMEL ratings. There is no penalty for credit unions that currently have limited or no diversity or inclusion polices in place.
Creating a standard assessment of diversity and inclusion policies and practices in regulated entities is required by the Dodd-Frank Act, Section 342(b)(2)(C).