In June, NCUA and the federal banking agencies issued an Interagency Policy Statement on Voluntary Standards for Assessing Diversity Policies and Practices. Section 342 of the Dodd-Frank Act required the agencies to each establish an Office of Minority and Women Inclusion (OMWI) and to create standards for assessing diversity policies and practices for their regulated institutions.
Under the standards, institutions may voluntarily conduct an annual self-assessment of their diversity policies and practices in four areas:
Although the use of these standards is voluntary and won’t be part of the examination and supervision process, NCUA encourages credit unions (especially those with at least 100 employees) to review the policy statement’s best practices for advancing workforce and supplier diversity.
Each year, credit unions may report self-assessment data to NCUA, which will then aggregate the data anonymously for submission as part of the agency’s OMWI annual report to Congress. NCUA and banking agencies will announce when they’ll begin collecting the self-assessment data.
For more information, see NCUA Letter to Credit Unions 15-CU-05: Standards for Assessing Diversity Policies and Practices. Find a voluntary, sample Self-Assessment Checklist with the letter.