NCUA Releases OMWI Report Highlighting Agency’s Diversity Efforts

The NCUA’s Office of Minority and Women Inclusion (OMWI) released its Annual Report to Congress on Tuesday. In it, the agency outlined areas where its diversity policies and practices have succeeded and what areas need improvement.

The 53-page OMWI report revealed the following successes:

• 481 credit unions (302 federal, 178 state-chartered, and one non-federally insured credit union) submitted a voluntary Credit Union Diversity Self-Assessment in 2022, up from 240 submissions in 2021.
• 45.0% of the NCUA’s total reportable contracting dollars for the year were awarded to minority- or women-owned businesses, and 38.5% of contract payments made during the year went to these vendors.
• 40.2% of new NCUA hires in 2022 were people of color.
• 17.1% and 4.3% of the NCUA’s workforce self-identify as having disabilities and targeted disabilities, respectively.
• 28.9% of the NCUA’s workforce participated in employee resource groups.

Of the report’s findings, NCUA Board Chairman Todd Harper said, “Diversity, equity and inclusion — along with belonging and allyship — serve as a pillar of the credit union industry and within the cooperative movement. At their core, DEI are more than policies and principles. They are foundational practices and behaviors to be acted upon and are embedded in our business practices. They are vital to strategy, sustainable growth, innovation, talent acquisition and employee retention at the NCUA and throughout the credit union system.”

The NCUA’s OMWI is responsible for monitoring, measuring and establishing diversity and inclusion policies “in the NCUA’s management, employment and business activities” as required by the Dodd-Frank Act of 2010.

Taking a look at the makeup of the NCUA’s 1,161 employees, the report found women represent 43.8% of the NCUA’s workforce — up 0.8 percentage points from 2021.

Of the NCUA’s executives and managers, the number of minorities in senior staff positions grew from 2021 to 2022 (20.4%) and the representation of women in senior staff positions increased from 2021’s 46.8% to 48.1% in 2022. Although, the percentage of women in management positions declined to 40.9% in 2022 from 42.3% in 2021.

Minorities represented 22% of managers, according to the report.

“For the U.S. credit union system to achieve its full potential and achieve its mission of meeting the savings and credit needs of members, especially those of modest means, diversity, equity and inclusion must be at the forefront of our work at the NCUA,” Harper said. “That’s why we encourage diversity throughout the credit union system, not only in the interest of the public good but also for the success and well-being of hardworking families in all communities, both now and in the future.”

READ MORE: 2022 Office of Minority and Women Inclusion Annual Report to Congress.