Harper Urges Credit Unions to Submit Diversity Survey

National Credit Union Administration Chairman Todd Harper is urging federally insured credit unions to submit the annual Credit Union Diversity Self-Assessment survey, reminding officials that the reports will not be used as part of an institution’s examination.

“Your credit union can use this online tool to create a baseline for action, such as making the commitment to develop new products and services aimed at addressing the needs of communities of color, increasing investment in underserved areas, and improving community marketing and outreach,” Harper said in a recent letter to credit union officials.

In 2020, there were 5,099 federally insured credit unions, but only 188 institutions submitted assessments. NCUA officials pointed out that was an increase of 59.3% over the number of credit unions submitting assessments in 2019.

NCUA officials have lamented the fact that few credit unions submit the annual assessments and have attempted to ensure financial institutions that the surveys are voluntary and will not be used as part of an institution’s examination.

“It is not part of the NCUA’s or a state regulator’s examination processes, and it has no impact on your CAMELS rating,” Harper wrote. “Simply stated, there are many benefits and no risk in confidentially sharing your diversity and inclusion journey with the NCUA.”

NCUA officials have discussed the possibility of providing credit unions with incentives to fill out the survey, but none were adopted this year.

Harper said the agency uses anonymized data from the self-assessment to report on trends in credit union diversity-related activities. The information goes directly to the NCUA Office of Minority and Women Inclusion, which compiles the data and uses it in reports to Congress and in an annual report. He added that the agency will not publish any information identifying a particular credit union or individual without written approval.

Surveys for 2021 will be collected until Jan. 15, 2022. The survey is available on the NCUA credit union diversity webpage.

Related:

Todd Harper Letter on Voluntary Credit Union Diversity Self-Assessment

Annual Voluntary Credit Union Diversity Self-Assessment

Spread the word. Share this post!