Credit unions value and embrace diversity, equity and inclusion (DEI) and advancing DEI is an explicit priority of credit union leadership, CUNA wrote to House Financial Services Committee leadership Wednesday for its hearing on “diversity in the boardroom.”
“Credit unions acknowledge that increasing diversity of credit union boards is critical, and we understand that we must be intentional about increasing diversity and inclusion in the board room in order for credit unions to continue to reach and better serve an increasingly diverse population,” the letter reads.
CUNA notes that credit unions lead the way when it comes to Minority Depository Institutions (MDIs), where the majority of board members and current and potential membership are minorities. Despite field of membership restrictions, credit unions have three times as many MDIs as banks (536 credit unions, 149 for banks) and MDI credit unions’ share of total assets is three times as large as MDI banks.
The letter also highlights that CUNA initiated efforts to benchmark board diversity in 2018 via its Annual Member Survey. As part of the Survey CUNA asked boards to estimate the racial and ethnic and age diversity of their boards.
CUNA Senior Policy Analyst Samira Salem detailed some of CUNA’s DEI efforts in a recent op-ed.