NASCUS Adopts Diversity, Inclusion Policy

State regulators have adopted a policy statement pledging to “infuse” the credit union system with diversity, equity and inclusion.

During its recent State Summit, NASCUS also reaffirmed the importance of the dual chartering system for state and federal credit unions.

“NASCUS will actively oppose efforts to preempt and infringe upon state authority to empower their credit unions under state specific rules to engage in activities deemed appropriate in that state,” the association said in its new policy statement.

The new diversity statement said, “NASCUS represents a state credit union system comprised of talented individuals from all walks of life. Differing views and experience contribute to better decision-making and clarity of intention.”

It continued, “We strive to be a diverse, inclusive and equitable organization in which all employees, volunteer leadership, members and supporters feel valued and respected regardless of gender, race, ethnicity, national origin, age, sexual orientation or identity, education or physical ability.”

And it added, “We are committed to fostering diversity, equity and inclusion within NASCUS leadership and staff and throughout the state credit union system. NASCUS will infuse these principles in everything we do, including our policy positions, partnerships, vendor affiliations, education offerings and communication channels.”

NASCUS President/CEO Lucy Ito said following the killing of George Floyd, association officials realized that the nation was at an inflection point and that they could not remain silent.

“While NASCUS published a statement expressing solidarity with the Black community, both NASCUS leadership and management were moved to go beyond our initial public statement and ensure that our words are validated by our actions in cultivating diversity, equity and inclusion across all of our undertakings,” she added. “Our new policy sets the foundation for further action and implementation in the governance and operations of NASCUS and empowers us to take steps to address systemic racism in the credit union industry.”

During the summit, NASCUS re-adopted several policy statements that were scheduled to expire.

The association pledged to maintain a signed Document of Cooperation between state regulators and the NCUA and if needed, would work with the federal agency to update the document.

NASCUS also endorsed legislation that would allow financial institutions to serve marijuana-based businesses without fear of sanctions by regulators. That legislation has passed the House and is pending in the Senate.

NCUA Chairman Rodney Hood has said the agency will not sanction credit unions for serving marijuana businesses as long as the credit unions comply with other laws such as the Bank Secrecy Act.

And NASCUS continued to call on the NCUA to, as administrator of the Share Insurance Fund, form an advisory council of federally-insured credit unions that could provide the agency with advice and guidance on regulatory issues. That council should include an equal number of state-chartered and federally chartered credit unions, according to the association.