ALEXANDRIA, Va. – NCUA Chairman Debbie Matz told Credit Union Times the agency’s diversity standards will not be a part of the exam evaluation.
The Dodd-Frank Act of 2010 required the NCUA, Federal Reserve, Office of the Comptroller of the Currency, FDIC, Consumer Financial Protection Bureau and SEC to establish an Office of Minority and Women Inclusion to develop standards for assessing the diversity policies and practices of the entities the agencies regulate.
“One of the things that I’m hearing about is the concern that the diversity standards not be considered as part of the exam and that has never been a consideration – that will not happen,” said Matz on Thursday after the NCUA board meeting. “It will not be part of the exam evaluation.”
Credit Union Times also asked Matz if she is concerned that many credit unions will decide not to offer non-QM loans due to the Consumer Financial Protection Bureau’s new mortgage rules.
“We’re hoping that’s not the case because credit unions are very good at making mortgages and are very good at meeting the needs of their members and Director Cordray was very clear to credit unions that they should keep doing what they’ve done in the past,” Matz said, referencing a webinar the NCUA recently held with the CFPB.
“I’m hopeful that credit unions will take that message to heart and keep making the types of mortgages they’ve made in the past,” she added.
Matz said the NCUA’s Office of Consumer Protection is available to answer any questions from credit unions about the rule.
“I feel certain we’ll be able to answer any questions they have. If not, we’ll get an answer for them,” she said.