NCUA to host inaugural summit on credit union diversity

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The National Credit Union Administration will host a Credit Union Diversity, Equity and Inclusion Summit on Nov. 6, the first in what is expected to be an annual event.

Scheduled to take place near the agency’s Arlington, Va. Headquarters, the summit will include remarks from NCUA Chairman Rodney Hood, as well as board members Mark McWaters and Todd Harper.

“I am delighted to announce this event, and I hope credit unions will join us for an important conversation,” NCUA Chairman Rodney Hood said in a statement. “I have described financial inclusion as the civil rights issue of our time, and by ‘inclusion,’ I mean not only broader access to affordable financial services, but also to employment and business opportunities.”

The event comes amid industry-wide attempts to increase DEI efforts across the credit union movement, and the summit will also be an effort to collect diversity data within the credit union industry. A demonstration of the NCUA’s credit union diversity self-assessment will be presented as well.

As reported, the number of institutions filling out the form is growing, but the overall response rate remains staggeringly low. Out of over 5,000 credit unions that received the self-assessment, only 81 completed it in 2018. That's the equivalent of about 1.5% of the industry at the end of 2018.

Hood noted in the release that the country is experiencing a profound demographic shift and that financial institutions need to follow suit in order to reflect the membership that they represent.

“Credit unions are stronger, and they serve their members and communities better, when they promote greater diversity, equity, and inclusion as part of their business model,” he said.

Registration for the event is now open at NCUA.gov.

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