Financial services leaders should act on their support for diversity, equity and inclusion with a commitment to community building through financial inclusion, NCUA Chairman Rodney Hood wrote in the Wall Street Journal this week. Reflecting on the civil unrest around the country, Hood shared some of his own experiences and called on the financial system to do its part.
“Healing begins with strengthening our commitment to diversity and inclusion. Diversity is important, but only if it’s more than simply ‘checking the right boxes.’ Inclusion requires a deep commitment to cultural change,” Hood wrote. “As vice chairman of the Federal Financial Institutions Examinations Council, a formal interagency body that makes recommendations to promote uniformity in the supervision of financial institutions, I have called upon regulators to make inclusion a major priority in the financial industry.”
Hood went on to say that private industry should support inclusive growth in underserved communities around the country, especially in those where opportunities are limited.
“This includes giving more working families access to tools that help them achieve financial independence, providing more young people with the educational and vocational training they need to succeed, and nurturing the material conditions that allow people to prosper and thrive,” Hood wrote. “Each of these will help Americans build stronger communities and a healthier society.”
CUNA President/CEO Jim Nussle released a statement on the nationwide unrest Monday, and the CUNA Board of Directors approved a resolution Thursday committing to advance equitable service to black communities.