Few credit unions have completed this voluntary form. NCUA makes repeated requests for more participation. At the July NCUA board meeting one member suggested that credit unions should have an incentive, such as lowering their operating fee. The August 3 NCUA letter to credit unions (20-CU-23) is the latest reminder.
The form is long with five sections. It combines data, qualitative comments and even asks for stories. Check it out here: https://cudiversity.ncua.gov/
Given the wide range of interpretations possible from the information, one can understand the hesitation to complete it, especially if the forms are public.
How to Increase Participation
With heightened concern on implementing truly equal opportunity, this self-assessment could be a useful tool for any organization trying to identify ways to respond. Two suggestions to gather more credit union data;
- Use the filings to give annual awards highlighting credit union leaders in this effort. The subtitle of the form is: “Best Practices for Demonstrating a Commitment to Diversity and Inclusion.” Awards would validate the relevance of the form. They would spotlight best efforts. Most importantly, credit unions would have to participate to win! The awards would showcase leadership and promote winning credit unions’ employer reputation. Much like the many Best Place to Work recognitions given out in localities around the country.
An example of this approach is the Departments of the Army , Navy and Air Force Distinguished Credit Union of the Year Awards. Four credit unions were honored using each military Department’s selective criteria.
- NCUA should complete and publish its own copy of the voluntary diversity report as an example for credit unions.