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NCUA releases report on diversity, inclusion
The NCUA Monday released its 2019 Office of Minority and Women Inclusion Annual Report that outlines diversity and inclusion at the agency and within the credit union industry using data from the voluntary Credit Union Diversity Self-Assessment tool.
"Diversity and inclusion in credit unions lead to growth, and they position credit unions to better meet the needs of their members," wrote NCUA Chairman Rodney Hood in the report. "The credit union industry boasts historic leadership on the issues of diversity, equity, and inclusion.
"I believe credit unions can, and should, continue being the leading edge on this front, and they can continue to serve as a model for other industries," added Hood. "I am pleased with the credit unions’ long and honorable commitment to these principles throughout their history."
Included in the report is information on the NCUA's ongoing activities and initiatives that "provide a broad spectrum of engagement and awareness that contribute to the agency’s ability to foster inclusion and to build a diverse workforce."
The report also highlights the creation of the NCUA's Culture, Diversity, and Inclusion Council, established in 2019 to ensure that inclusion and equity are top priorities and the NAFCU-attended first annual Diversity, Equity and Inclusion Summit.
NAFCU Director of Regulatory Affairs Ann Kossachev led a think-tank exercise during the summit to generate conversation and solutions to existing and emerging challenges related to advancing DEI.
The report indicates that the NCUA is currently working on several new initiatives for this year, including an analysis of its principal examiner exam to promote diversity within the workforce of examiners.
Credit unions continue to lead the charge as the NCUA and lawmakers work toward greater diversity in the financial services industry and NAFCU consistently works to ensure credit union can meet the needs of all members in their communities, supporting the NCUA's efforts to modernize field of membership rules.
Last year, the association testified before a House Financial Services subcommittee on credit unions' commitment to diversity and serving communities in need.