Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Avoid CU burdens in diversity policy CUNA to NCUA
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.


RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
13 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
14 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
14 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
16 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
17 hours ago