CUNA Report Shows DEI Efforts Gaining Traction at Credit Unions

CUNA released a new issues brief on Monday that found the percentage of credit unions focused on diversity, equity and inclusion efforts increased by 60% since a similar report came out in 2019.

The results of the report, “Credit Unions Enthusiastically Embracing Diversity, Equity, and Inclusion: Results from the CUNA Annual Membership Survey” reflected trends in credit unions’ DEI journey over a two-year period, from 2019 to 2021.

According to the report, CUNA found that in 2021, 60% of credit unions were focused on DEI, up from 37% in 2019. Also, 80% of credit union members now belong to a credit union that is focused on DEI, and one in three of the credit unions surveyed have DEI integrated into their strategies or have plans in place, if not already implemented.

“These results are incredibly encouraging. Those of us who’ve been working on DEI for the last few years have felt momentum, but we now have proof that there has been measurable and meaningful movement among credit unions, when it comes to their organizational commitment to diversity, equity and inclusion,” CUNA Vice President of DEI Samira Salem said.

The report found a correlation between a credit union’s asset size and “the maturity of DEI efforts.”

The report said, “About 20% of the largest credit unions – those with $500 million or more in assets – have strategically aligned their DEI endeavors with organizational goals, compared to just 5%-7% of their smaller counterparts. However, credit unions with less than $100 million in assets improved in 2021, becoming nearly twice as likely to focus on DEI in 2021 compared to 2019.”

Salem added, “The vast majority of credit union members belong to a credit union on a DEI journey and we estimate that this has doubled since 2019. So these are really exciting results. Credit unions have made tremendous strides when it comes to their commitment to diversity, equity and inclusion. We also indicate that there’s room to improve, especially when it comes to the maturity of these efforts.”

In September 2019, the CUNA board voted to add DEI as the eighth cooperative principal. At that time, former CUNA Board Chair Maurice R. Smith wrote in a column published in CU Times, “As an African American, I am proud to be part of a movement that improves the lives of individuals and our communities. Credit unions were established to serve specific – typically underserved – communities, making a place for those who had none. And today, our mission continues to be to provide opportunity and access for all.”

CUNA’s most recent DEI report can be read here.