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NCUA: Diversity Self-Assessment Offers Many Benefits to Credit Unions

November 2019
NCUA: Diversity Self-Assessment Offers Many Benefits to Credit Unions

ALEXANDRIA, Va. (Nov. 7, 2019) – Federally insured credit unions could enjoy many benefits—and no risks—by participating in the Voluntary Credit Union Diversity Self-Assessment available from the National Credit Union Administration.

The NCUA today issued a letter to credit unions encouraging them to use the Self-Assessment as a tool for evaluating their diversity programs and practices and for determining how promoting greater diversity can lead to a stronger internal culture and better service.

“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,” NCUA Chairman Rodney E. Hood said. “I ask that credit unions of all sizes, particularly those with 100 or more employees, complete the Self-Assessment annually and share your results.”

Chairman 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 this year’s information to the NCUA is Jan. 15, 2020.

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