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The NCUA released the results of the 2023 voluntary credit union diversity self-assessment this week, which drew participation from 334 credit unions, or 7.3% of active credit unions in the U.S.

Last year’s 334 responding credit unions represented a drop from the 481 credit unions (10.1% of the industry) that responded in 2022, however, the 2023 Credit Union Diversity Self-Assessment Results Report noted that the number of credit unions that submit a self-assessment has increased at an annual compounded growth rate of 32.8% since 2018. Self-assessments for 2023 were submitted between Oct. 1, 2023 and Feb. 15, 2024.

Created in 2016 to comply with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the voluntary credit union diversity self-assessment helps federally insured credit unions evaluate their diversity, equity and inclusion efforts against five core standards: Organizational commitment to diversity and inclusion, workforce profile and employment practices, procurement and business practices – supplier diversity, practices to promote transparency and entities’ self-assessment. The data gathered through the assessment remains separate and distinct from the NCUA’s supervision program.

Responding credit unions have continued to report a commitment to diversity from an organizational standpoint and among leadership, according to the report, with 57% and 52% providing affirmative responses to questions related to standards one and two, according to the report.


The NCUA identified three areas where credit unions are falling short when it comes to diversity, based on the 2023 responses:
  • Supplier diversity: Only 14% had a written supplier diversity policy that provided opportunities for minority- and women-owned businesses to bid on contracts, 10% reported outreach efforts to inform diverse suppliers of contracting opportunities and how to do business with the credit union, and just 6% had an established policy to solicit bids from a certain number or percentage of diverse businesses.
  • Diversity and inclusion practices transparency: Only 19% publicly shared their diversity and inclusion strategic plan, 14% made their policy on their commitment to supplier diversity public, and 15% announced opportunities that promoted diversity and inclusion in their contracting opportunities.
  • Developing and implementing a diversity, equity and inclusion strategic plan that is sustainable and measurable: 75% include diversity and inclusion considerations in their strategic plan for recruiting, hiring, retention and/or promotion of their workforce, while 44% include diversity and inclusion considerations in their strategic plan in contracting with vendors.
A breakdown of submitting credit unions by gender and race/ethnicity, among those that provided this information, showed that while women are well-represented among employees and management at all sizes of reporting credit unions, they are less represented in board member positions and represented only 42% of board members at federally insured credit unions with greater than 500 employees, a three-percentage point drop from 2022. What’s more, credit unions that shared workforce data reported that 66% of all employees and 73% of management employees are white.

“By publicly sharing the aggregated results of the voluntary credit union diversity self-assessment, we embrace a shared commitment to greater inclusion within the credit union system. We also better ensure that the system fulfills its statutory mission of meeting the credit and savings needs of members, especially those of modest means,” NCUA Chairman Todd M. Harper said. “These results show positive change in advancing diversity, equity and inclusion across the credit union system, and I encourage all credit unions to review the results to evaluate and benchmark their own inclusion efforts against others.”

The 2024 survey year is open now and ends on Jan. 31. The NCUA said to further ensure the confidentiality of responses and reflect its to commitment to keeping the assessment separate from its supervision program, the agency has contracted Optimal Solutions Group, LLC to administer the latest survey and provide support services to participating credit unions.

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Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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