Federally insured credit unions could enjoy many benefits, and no risks, by participating in NCUA’s Voluntary Credit Union Diversity Self-Assessment, NCUA wrote last week in a letter to credit unions (19-CU-03). In the letter, NCUA Chairman Rodney Hood asks credit unions of all sizes, particularly those with 100 or more employees, to complete the self-assessment annually.
“The NCUA is committed to supporting diversity and inclusion in the credit union system, and part of that commitment is building a database of credit unions’ activities related to diversity and inclusion,” he wrote. “The data that credit unions voluntarily provide helps the NCUA better understand areas where guidance would be useful and, when appropriate, prompts us to issue guidance to help bridge the gaps and assist credit unions with their diversity and inclusion efforts.”
Hood notes that the self-assessment is voluntary and it not part of NCUA’s or state regulators’ examination process, and has no impact on CAMEL rating.
“There are many benefits and no risks in sharing your diversity and inclusion journey with us. Available year-round, the Self-Assessment contains proven best practices and serves as a tool to assess and guide your credit union’s diversity efforts. You may start it any time during the year, save it, and then return to it later. This feature allows you to use the form during monthly board meetings or periodic strategic planning sessions and complete it incrementally. This way, the Self-Assessment becomes a guide to improved diversity and inclusion health within your credit union and beyond.”
Although open year-round, the cut-off date for submission of the annual Self-Assessment is January 15 of the following year.
According to NCUA, it uses this data to report on progress and trends in credit union diversity-related activities. The Office of Minority and Women Inclusion aggregates the data and only shares the results anonymously, primarily in the NCUA’s annual OMWI Congressional Report and in the annual Voluntary Credit Union Diversity Self-Assessment Results Report.
NCUA will not publish diversity information that identifies any particular credit union or individual without written approval.