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Federal financial regulators, including the NCUA, Friday released a statement on the importance of financial inclusion. NAFCU strongly supports diversity, equity, and inclusion (DEI) efforts as it advocates to ensure all Americans have access to safe, affordable financial services needed to achieve financial health and stability.

"We, the prudential and consumer financial protection regulators of the U.S. financial system, are committed to financial inclusion," members of the Federal Financial Institutions Examination Council (FFIEC) said in the statement. "Racism and discrimination must not be tolerated. Everyone deserves the opportunity to participate in our financial mainstream. We remain steadfastly dedicated to ensuring that the financial institutions which we regulate provide fair access and fair treatment to everyone in America."

Ahead of the FFIEC statement, NCUA Chairman Rodney Hood published an op-ed in The Wall Street Journal where he highlighted how financial inclusion builds stronger communities and a healthier society.

The credit union industry has a long history of commitment to DEI and hundreds of credit unions are designated minority depository institutions (MDIs), community development financial institutions (CDFIs) and low-income credit unions. Through providing financial services and support of community-based organizations with donations and volunteerism, credit unions serve as a beacon of DEI.

DEI is a priority for NAFCU, among its own staff and in its advocacy with the NCUA and Congress to ensure credit unions can continue serving their communities. The association is currently requesting additional support for MDIs, CDFIs, and the NCUA's Community Development Revolving Loan Fund (CDRLF) to ensure Americans and small businesses suffering most from the coronavirus pandemic are not left behind.

The association has also pledged to promote programs and resources to help Americans reach their financial goals. It has worked with the CFPB and NCUA on financial literacy resources; the CFPB has financial education webinar series starting this week.