Regulator urges more credit unions to complete diversity self-assessment

More credit unions are being urged by their federal regulator to complete the Annual Voluntary Credit Union Diversity Self-Assessment as a “small step” toward real changes in social justice, according to a letter from the agency’s chairman.

In the letter to credit unions (20-CU-23), NCUA Board Chairman Rodney Hood said the agency’s annual diversity assessment “is a valuable tool for credit unions seeking to make a stronger commitment to diversity, inclusion, and equity – it helps industry leaders to see areas in which they can strengthen that commitment, for the benefit of your employees, your members, and your communities.”

He noted that two months have passed since George Floyd perished in Minneapolis while in police custody and acknowledged the “tremendous pain and anger surrounding another instance of abuse of authority against a black man.”

“At the same time, however, I am heartened by the responses from so many in the credit union community,” Hood wrote. “If there is a common thread to what I am hearing, it is that people want to know what they can do that will truly make a difference. People want to move beyond platitudes and vague expressions of support, so we can focus on real changes that will have a concrete impact.”

Hood said that data from the annual assessments (which was completed by 118 credit unions in 2019, up from 81 the previous year) is aggregated in order to generate an annual report on diversity, equity, and inclusion among credit unions. Based on the report, he said the agency creates and makes available resources for credit unions to help them address any issues identified in the data.

NCUA LTCU 20-CU-23: Annual Voluntary Credit Union Diversity Self-Assessment