Federally insured credit unions have until Jan. 15 to submit their annual Voluntary Credit Union Self-Assessments for 2019 to their federal regulator – which asserts that there are no risks, and plenty of benefits, for submitting the information.
In a “Letter to Credit Unions” (LTCU) issued Thursday, the National Credit Union Administration (NCUA) said it encouraged credit unions to use the self assessment – used to monitor progress and trends in credit union diversity-related activities – to evaluate their own diversity programs and practices and for determining “how promoting greater diversity can lead to a stronger internal culture and better service.”
NCUA began collecting the voluntary diversity self-assessments in 2016. The agency’s Office of Minority and Women Inclusion (OMWI) aggregates the self-assessment data and only shares results anonymously, primarily in the NCUA’s annual OMWI Congressional Report and in the annual Voluntary Credit Union Diversity Self-Assessment Results Report.
The data collection is not part of the agency’s nor state regulators’ examination process, and has no impact on a credit union’s CAMEL rating, according to NCUA.