The NCUA is encouraging federally insured credit unions to complete the agency’s Voluntary Credit Union Diversity Self-Assessment as a way for the industry to show its commitment to diversity and inclusion. While the assessment is optional, there is no risk to credit unions for completing the process.
“The 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,” said Rodney Hood, NCUA chairman, in a letter to credit unions.
Citing recent months as “tremendously challenging” due to the pandemic and death of George Floyd, the call for credit unions to complete the diversity self-assessment comes earlier in the year than usual, Hood said in the letter. He said that credit unions that prefer to wait to participate until the end of the year can make a voluntary commitment to participate in the survey by emailing CUDiversity@ncua.gov.
Participating in the self-assessment is voluntary 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.