(Jan. 14, 2022) More than two more weeks – to Jan. 31 – have been added for federally insured credit unions (FICUs) to complete and submit the voluntary Credit Union Diversity Self-Assessment by NCUA, the agency said this week. It also issued a “letter to credit unions” Thursday calling attention to the extension.
NCUA said it had extended the deadline for FICUs to complete and submit the assessments from Jan. 15 to month’s end. The agency gave no reason for the extension, other than to give FICUs “more time.”
According to NCUA, the assessment is a tool designed to help credit unions evaluate and advance their diversity policies and practices. The agency said credit unions can voluntarily use the online tool to create a baseline for action, such as making the commitment to develop new products and services aimed at addressing the needs of communities of color, increasing investment in underserved areas, or improving community marketing and outreach.
“The voluntary self-assessment is not part of the examination process,” the agency’s letter states. “Completing an assessment will not impact your CAMELS rating. There are many benefits in confidentially sharing your diversity, equity, and inclusion journey with the NCUA, but it will not be used in the supervisory process.”