ALEXANDRIA, Va. The NCUA Board at next week’s monthly meeting will discuss proposed standards for assessing the diversity policies and practices of credit unions.
The diversity standards are required under the Dodd-Frank Act and are being developed by an interagency working group comprising the Office of the Comptroller of the Currency, FDIC, Consumer Financial Protection Bureau, Securities Exchange Commission and NCUA.
The group is charged with creating standards that would promote diversity best practices on diversity among ethnic groups, races and sexes in the workplace, while not disrupting existing, successful programs or imposing undue burdens on the financial services and banking industry.
The standards describe leading diversity practices for the financial services industry in four key areas: organizational commitment, workforce profile and employment practices, supplier diversity in procurement and business practices, and transparency of organizational diversity and inclusion policies.
The NCUA Board will be reviewing the draft at next week’s meeting.
