CUNA told the NCUA in a comment letter on Friday that the agency’s proposed diversity standards would place a burden on credit unions.
Comment period on proposed multi-agency rule closed Friday.
Municipal Credit Union Chairman Mark Brantley and Consultant Marvin Umholtz provide point and counterpoint on Dodd-Frank mandated diversity initiatives.
Decades after the March on Washington, financial institutions across the country face the same diversity issues.
Thirty-three year agency veteran was director of the Dodd-Frank mandated Office of Minority and Women Inclusion.
Standards are not mandates, agencies say.
Dodd-Frank mandate requires CUs with more than 100 employees to file annual diversity self-assessments. NCUA will not use the exam process to assess diversity.
NCUA, other regulators considering new standards as mandated by Dodd-Frank.
Comment letters responding to an NCUA proposal to create a Dodd-Frank mandated Minority Depository Institution preservation program generally support the effort, but some question the costs and need to create a new program.
The African-American Credit Union Coalition said it “unequivocally supports” NCUA’s proposal to create a Minority Depository Institution preservation program.