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NCUA recognizes Juneteenth, releases report on MDIs
NCUA Board Chairman Rodney Hood Friday recognized the significance of Juneteenth and reiterated his call for the credit union industry to work toward greater financial inclusion for all Americans. The agency also released its annual report to Congress detailing the financial condition of Minority Depository Institution (MDI) designated credit unions.
Additionally, Hood discussed the agency's efforts to promote financial inclusion in a new op-ed in American Banker. Earlier this month, federal financial regulators, including the NCUA, released a statement on the importance of financial inclusion.
“As the nation celebrates this year’s Juneteenth, we must recommit ourselves to the principles of diversity, equity, and inclusion, which are necessary to foster and promote greater opportunity for all Americans,” said Hood in a statement. “As we reflect on the enormous significance of this day and what it represents, it should also remind us how much further we must go.
"The recent protests across America and the COVID-19 pandemic, which has disproportionately affected minority communities, have illustrated the economic and financial challenges of minority, rural, and underserved communities," Hood added. "These events underscore the importance of MDI credit unions to their communities, and the NCUA has and will continue to find more avenues of support for these institutions.”
According to the newly released report, the NCUA regulated 514 MDI federally-insured credit unions (FICUs) in 36 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands at the end of 2019.
Overall, MDI credit unions served more than 3.9 million Americans and had assets of $40.5 billion. Approximately 10 percent of all FICUs are MDIs.
View the report for more insights, including details on the agency's MDI preservation program.
Credit unions are also encouraged to fill out the NCUA's annual voluntary diversity self-assessment, to help inform the agency's database of credit unions’ activities related to diversity and inclusion.
DEI remains 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, including working with the CFPB and NCUA on financial literacy resources.