Regulators’ group jointly decries racism, discrimination; vows commitment to financial inclusion

Racism and discrimination must not be tolerated, a joint statement released Friday by all federal financial institution regulators stated in the wake of the death of a Minneapolis man during a police apprehension last week.

The statement by the Federal Financial Institutions Examination Council (FFIEC) follows up on a statement released early this week by the federal credit union regulator. Both come in the wake of the death of George Floyd, an African-American man in Minneapolis who died during a police action.

“We, the prudential and consumer financial protection regulators of the U.S. financial system, are committed to financial inclusion,” the regulators stated. “Racism and discrimination must not be tolerated. Everyone deserves the opportunity to participate in our financial mainstream. We remain steadfastly dedicated to ensuring that the financial institutions which we regulate provide fair access and fair treatment to everyone in America.”

Membership in the FFIEC includes all three federal banking agencies (the Federal Deposit Insurance Corp. [FDIC], the Federal Reserve, and the Office of the Comptroller of the Currency [OCC]), the National Credit Union Administration (NCUA), and the Consumer Financial Protection Bureau (CFPB).

On Monday, the top federal credit union regulator, NCUA Board Chairman Rodney Hood, released a statement emphasizing “true inclusion.” “True inclusion within our financial regulators, financial institutions and communities is a goal we all must strive towards,” he said. “Diversity is important, but without cultural change that encourages true inclusion, it risks being little more than checking the right boxes.”

Friday, The Wall Street Journal published a column signed by Hood which repeated and emphasized many of the points he raised in his statement.

Financial Regulators Statement on Financial Inclusion

Wall Street Journal: How Financial Institutions Can Help America Heal (NCUA Chairman Rodney Hood) (subscription required)