The NCUA announced Tuesday that it extended the deadline for credit unions to voluntarily complete and submit information for the Credit Union Diversity Self-Assessment. The deadline was Jan. 15 and has been pushed until Jan. 31.
According to a statement released by the NCUA, the agency extended the deadline to allow federally-insured credit unions more time to complete the form.
“Completing the Credit Union Diversity Self-Assessment is an excellent step on the path from intention to action when it comes to diversity and inclusion,” NCUA Chairman Todd M. Harper said. “This invaluable self-assessment will allow credit unions to look inward at their current DEI journey and what they can do in the future to better leverage diversity and elicit inclusion and belonging practices in their community, membership, leadership and workforce.”
Since the diversity self-assessment project was launched in 2016, the NCUA has had a difficult time convincing credit unions to provide information voluntarily. According to the three reports filed since the project’s inception, the number of credit unions that have participated has been extremely low:
- 2017 Report: 35 credit unions participated.
- 2018 Report: 81 credit unions participated.
- 2019 Report: 118 credit unions participated.
In 2020, as a way to potentially gain more involvement from credit unions in the diversity reporting efforts, the NCUA solicited comments on whether credit unions should receive a “modest discount” on the federal credit union operating fee due in the subsequent year. The question was presented by the agency as part of its publication of its proposed updated fee structure.
The idea did not gain much traction as the agency acknowledged since federally-insured, state-chartered credit unions pay an operating fee to its state agencies rather than to the NCUA, the NCUA would have to provide a different incentive to encourage their participation.
According to a statement from the NCUA on Tuesday, “The Credit Union Diversity Self-Assessment is a tool designed to help credit unions evaluate and advance their diversity policies and practices.” The NCUA Office of Minority and Women Inclusion aggregate the information obtained in the self-assessment tool and the results are shared anonymously, according to the NCUA.
Credit unions interested in participating can visit the NCUA’s website to find more information.