​​​​​Credit Union Diversity​

Business Case for Credit Union Diversity

The Business Case for Credit Union Diversity

The business case for diversity in credit unions is simple: diversity is a good investment. Credit unions were founded on the premise of people helping people. It makes good business sense to have members, managers, and employees reflect the community credit unions serve and for credit unions to serve diverse segments within their communities. Diversity leads to better service, greater innovation, improved solutions, and increased membership. These things make credit unions strong and sustainable, which ultimately leads to greater strength for the entire credit union system.

Credit Union Diversity Standards

The Office of Minority and Women Inclusion is responsible for assessing the diversity policies and practices in federally insured credit unions. On May 26, 2015, the NCUA Board approved the final Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies to provide a framework for credit unions to create and strengthen their diversity policies and practices. The diversity standards focus on five keys areas:

  • Leadership commitment to diversity and inclusion;
  • Employment practices related to diversity and inclusion;
  • Supplier diversity policies and practices;
  • Transparency of diversity and inclusion practices; and
  • Assessing and monitoring diversity and inclusion practices.

Annual Voluntary Credit Union Diversity Self-Assessment

To assist credit unions in implementing the diversity standards, the NCUA created the Annual Voluntary Credit Union Diversity Self-Assessment, approved by the Office of Management and Budget. The assessment is a tool for assessing and building diversity and inclusion policies and practices. Instructions for completing and submitting the assessment are posted here. Credit unions are encouraged to complete the assessment annually.

2017 Voluntary Credit Union Diversity Self-Assessment Results

2018 Voluntary Credit Union Diversity Self-Assessment Results

Visit our Voluntary Credit Union Diversity Self-Assessment site

Credit Union Supplier Diversity

Credit Union Guide to Supplier Diversity

Credit Union Supplier Diversity FAQs

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