While only 81 credit unions submitted a diversity self-assessment form last year, more than half that did so (57%) reported a “leadership/organizational” commitment to diversity at their institutions, the federal credit union regulator reports.
In its 2018 Voluntary Credit Union Diversity Self-Assessment Results, the National Credit Union Administration (NCUA) acknowledges that submissions from 81 credit unions represents only 1.5% of all federally insured credit unions as of year-end 2018. Therefore, the agency said, the results of the report “are not to be interpreted as representative of the entire credit union industry.”
However, the report notes, submissions by credit unions of the self-assessment form increased in 2018 from both the previous two years (64 self-assessments in 2017 and 35 in 2016). In 2018, 50 federal and 31 federally insured, state-chartered credit unions filed the self-assessments.
NCUA said it uses the assessments to outline best practices for creating a more diverse and inclusive credit union. The agency also asserts that more credit unions are using assessments to monitor their own diversity-related efforts.
Other results from the 2018 assessment include:
- 47% of responding credit unions reported “proactive implementation of employment practices that expand outreach efforts to diverse individuals”;
- 30% reported monitoring and assessment of diversity policy and practices.
However, only 5% of credit unions responding said they consider supplier diversity as a factor in procurement and business practices.
The agency is getting some traction among credit unions submitting the form year after year, the report notes: 24 credit unions submitted a voluntary self-assessment in both 2017 and 2018. Further, in 2018, NCUA said, these 24 credit unions reported improvements over their 2017 results in two of the five sets of standards (leadership and organizational commitment (with 75% reporting affirmatively, compared to 59% in 2017), and monitoring and assessing diversity policies and practices (52% in 2018, 37% the previous year).
The remaining three areas did show lower “affirmatives” in 2018 – but one showed that a majority were responding “yes:” 62% of the frequent responders said they were engaging in proactive employment practices implementation (down from 69% the year before). Only 23% responded affirmatively to “promotion of transparency of diversity and inclusion practices” (compared to 27% the year before).
“Supplier diversity continues as an area with low levels of engagement,” NCUA said, with 9% reporting affirmatively in 2018, compared to 10% in 2017.
2018 Voluntary Credit Union Diversity Self-Assessment Results