Interagency rule requires diversity self-assessments

by. Nicholas Ballasy

NCUA Chairman Debbie Matz told Credit Union Times Thursday the NCUA is working to promote a more diverse workforce, and she encouraged credit unions to ensure that their employees and volunteers reflect the groups they are chartered to serve.

The Dodd-Frank Act requires each financial services regulator to establish an Office of Minority and Women Inclusion. Each OMWI director must develop standards that assess the diversity policies and practices of the institutions it regulates per the law.

“Within NCUA, we’re working to promote a more diverse workforce and to consider minority- and women-owned firms when we contract for services,” Matz said.

The NCUA, Consumer Financial Protection Bureau, Federal Reserve, FDIC, Comptroller of the Currency and the Securities and Exchange Commission all proposed similar diversity standards per Dodd-Frank.

“In developing these standards, the Agencies took into account individual entities’ circumstances (for example, asset size of the entity, number of employees, governance structure, income, number of members and/or customers, contract volume, geographic location, and community characteristics),” said the Oct. 24 Board Action Memorandum.

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