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The NCUA closed out its 2022 DEI & ACCESS Summit Friday, where attendees gathered to promote the value of diversity, equity, and inclusion (DEI) in the credit union industry, share the best DEI and financial inclusion practices, and develop solutions to industry-specific challenges.

The summit began Wednesday with an opening speech for NCUA Chairman Todd Harper. In his remarks, Harper urged credit unions to continue focusing on DEI.

“If we want to achieve the full potential of the credit union system and live up to its statutory mission, then all credit unions must do more to lend in a safe, fair, affordable manner,” Harper said. “These collective efforts through strategic action will not only advance diversity, equity, and inclusion for people of color applying for and getting a mortgage, but they will also create new revenue and attract new members for credit unions that embrace this opportunity.”

Following Chairman Harper’s speech, the summit continued with multiple sessions – including a panel hosted by NCUA Vice Chairman Kyle Hauptman on blockchain technologies – on strategies to promote DEI in the credit union industry.

Additionally, NCUA Board Member Rodney Hood stressed the need for the industry to address the historic inequalities and inequities that remain in American communities by allowing “everyone to participate more fully in the workplace and in society.” Hood also highlighted the value of DEI as a business practice.

“The compelling need for a commitment to DEI isn’t simply a moral imperative. It is also good for business, as we’ve seen from any number of high-quality studies,” Hood said. “All of that adds up to stronger, more effective organizations that are better suited to the challenge of meeting their mission goals in a competitive marketplace and a changing world.”

NCUA Director of the Office of Examinations Scott Hunt also held a panel discussing the growing popularity of cryptocurrency among Black Americans and other underserved and minority populations. The panel highlighted that although cryptocurrency can help underserved borrowers, they pose serious risks due to their volatility and limited security.

Of note, episode two of NAFCU’s Credit Union Policy Podcast (CUPP) features a discussion between NCUA Chairman Todd Harper and NAFCU Vice President of Regulatory Affairs Ann Petros on DEI within the credit union industry. In addition, Petros sat down with NCUA Vice Chairman Kyle Hauptman on another CUPP episode for an exploration of his thoughts surrounding digital assets and the underlying blockchain technology.

NAFCU will continue to keep credit unions updated with the latest from NCUA events and will continue to promote DEI in the industry.