WASHINGTON (3/28/12)--The Credit Union National Association (CUNA) has urged the National Credit Union Administration (NCUA) to implement standards for "assessing the diversity policies and practices of entities regulated by the agency," as mandated by the Dodd-Frank Wall Street Reform Act, "in a manner that would minimize the information gathering and reporting burden on credit unions."
Section 342 of the Dodd-Frank Act requires the NCUA and other federal regulators to create work force diversity policies for their regulated institutions. Regulators are still developing these policies and rules on how they will assess compliance with these policies.
The NCUA's Office of Minority and Women Inclusion (OMWI), which began its work last year, will develop the agency's diversity policy.
In a comment letter, CUNA commended the NCUA and OMWI for their efforts to develop the standards, and said it is pleased that CUNA members were invited to participate in NCUA's first roundtable discussion on Feb. 29. CUNA also suggested OMWI carefully consider the challenges credit unions face in complying with any standards that the NCUA may develop under Section 342, especially relating to the difficulties involved in manually gathering diversity related data from employees, contractors and suppliers.
CUNA also asked the agency to limit any Section 342 assessment standards to collecting employment-related data from credit unions that are subject to Equal Employment Opportunity Commission reporting requirements. Credit unions should also be permitted to self-report any data under Section 342 assessments, rather than be subjected to additional examination burdens, CUNA added.
For the full comment letter, use the resource link.