Happy early Thanksgiving compliance friends!
Earlier this month, NCUA hosted its first annual Diversity, Equity and Inclusion (DE&I) summit. The agency described it as an event “where credit union and industry professionals who are committed to advancing diversity, equity and inclusion within the credit union system gathered to share best practices, challenges to advancing diversity, and learn how NCUA can support the industry in its efforts.” Executives from various credit unions across the country with a commitment to diversity and inclusion served as speakers and panelists at the summit. Some of the topics covered included the value of DE&I, best practices and methods for collecting diversity data, and the agency’s annual voluntary self-assessment. At the summit, NCUA Chairman Rodney Hood expressed that “financial inclusion is the civil rights issue of our era”, and announced the creation of an NCUA Culture Council.
The information below may serve as a starting point for credit unions interested in learning more about DE&I and NCUA’s Annual Voluntary Credit Union Diversity Self-Assessment.
What Does It Mean for a Credit Union to Be Diverse and Inclusive from an NCUA Perspective?
Credit unions were founded on the premise of providing provident credit to members- any member. Legally, credit unions cannot discriminate as to who they lend to, but Dodd-Frank gave new emphasis on agencies looking at diversity from an employer perspective.
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