NCUA encouraging CUs to complete diversity self-assessment

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The NCUA is encouraging all federally insured credit unions to complete the agency’s Voluntary Credit Union Diversity Self-Assessment. While the assessment is optional, there is no risk to credit unions for completing the process.

“Credit unions are growing stronger, and they serve their members and communities better when they promote greater diversity, equity, and inclusion as part of their business model,” said NCUA Chairman Rodney Hood “I ask that credit unions of all sizes, particularly those with 100 or more employees, complete the Self-Assessment annually and share your results.”

In a letter to credit unions, Hood stressed participating in the self-assessment is completely voluntary, is not part of the agency’s or state regulators’ examination process, and has no impact on a credit union’s CAMEL rating. The information the NCUA collects through the self-assessment helps the agency study diversity trends in the credit union industry and provide credit unions with guidance on topics related to diversity and inclusion. The NCUA provides an annual diversity report to Congress, but the report does not identify individual credit unions.

The self-assessment is available year-round, but the cutoff date for submitting 2019 information to the NCUA is Jan. 15, 2020.

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