The NCUA issued a Letter to Credit Unions (16-CU-05) regarding voluntary diversity and inclusion polices. If you remember, back in June 2015, the banking brotherhood (NCUA, FDIC, ect.) issued final standards for voluntary assessment of diversity policies and practices in regulated entities. We blogged about it on our SharePoint site and it is reprinted below.
The diversity policies and practices is not a new rule or regulation. It does not create any legal compliance obligations; implementation or use of the diversity standards is completely voluntary. NCUA will not incorporate the review of the credit union’s diversity policies and procedures in their examination and supervision program. However, the credit union is encouraged to review the interagency policy statement detailing best practices for advancing workforce and supplier diversity. The Letter reinforces this with “The goal of this voluntary self-assessment is to establish a baseline for evaluating diversity and inclusion in the credit union system. Individual credit union assessment results will not be shared with examiners and will have no bearing on CAMEL ratings. There is no penalty for credit unions that currently have limited or no diversity or inclusion polices in place.”
The Letter includes three enclosures:
- A Voluntary Credit Union Self-Assessment Checklist
- A NCUA article Diversity: A Good Investment for Credit Unions
- A link to the Final Interagency Policy Statement
The goal of the voluntary self-assessment is to establish a baseline for evaluating diversity and inclusion in the credit union system. It was designed by NCUA as a process credit unions can use to easily share ongoing efforts to increase diversity and create an inclusive environment for both employees and members.
Credit unions, especially ones with at least 100 employees, are encouraged complete the self-assessment and return it to NCUA’s Office of Minority and Women Inclusion between Oct. 1 and Nov. 30.
Reprint of SharePoint blog: