The Voluntary Credit Union Diversity Self-Assessment form published by NCUA outlines best practices for creating a more diverse and inclusive credit union. Today, more credit unions are using it to monitor their diversity-related efforts. In 2018, submissions increased with 81 credit unions submitting the self-assessment. However, that number represents only 1.5 percent of all credit unions as of December 31, 2018. Accordingly, the results presented in this report are not to be interpreted as representative of the entire credit union industry.
Of the 81 credit unions that submitted a self-assessment in 2018, more than half reported having a leadership and organizational commitment to diversity. Just under half reported proactively implementing employment practices that expanded outreach efforts to diverse individuals. Overwhelmingly, the majority of reporting credit unions did not actively engage in supplier diversity and did not make their diversity and inclusion policies and practices publicly available. Approximately one third of the reporting credit unions actively monitored and assessed their diversity policies and practices.
The business case for diversity in credit unions is clear: it makes good business sense to have board members, managers, and employees who reflect the community the credit union serves. Research shows that diversity leads to better service, greater innovation, better solutions, increased membership, and an enriched member and employee experience. These things make credit unions strong and sustainable, which ultimately leads to greater strength for the entire credit union movement.
The NCUA encourages credit unions to implement policies and practices to improve their levels of diversity and inclusion. Conducting and sharing the results of the self-assessments helps credit unions identify challenges and opportunities and assists the NCUA in monitoring and assessing levels of diversity and inclusion within the credit union system.