NAFCU statement in response to the Interagency Policy Statement on Joint Standards for Diversity Policies & Practices
WASHINGTON, DC (June 9, 2015) – National Association of Federal Credit Unions (NAFCU) Regulatory Affairs Counsel Alexander Monterrubio issued the following statement in response to the Interagency Policy Statement on Joint Standards for Diversity Policies & Practices. Six federal regulators, including the National Credit Union Administration (NCUA), issued a final interagency statement today establishing standards for financial institutions to follow in creating and maintaining diversity policies and practices, but they emphasized the standards are voluntary.
“In implementing this Dodd-Frank obligation, we commend the agencies for emphasizing that no new legal obligations are being created by the policy statement, as the regulatory burden on credit unions is already far too great,” said Monterrubio. “Credit unions support diversity and have long been, and will continue to be, at the forefront of community involvement and improvement.”
NCUA, the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, the Securities and Exchange Commission, Office of the Comptroller of the Currency, and the Federal Reserve Board issued the statement to comply with Section 342 of the Dodd-Frank Act. The voluntary standards are meant for financial institutions with more than 100 employees.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.