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Credit Unions Worried about Dodd/Frank 342

According to recent news reports, the "Credit Union National Association (CUNA) has written NCUA's Office of Minority and Women Inclusion to urge the agency implement one of the requirements of the Dodd-Frank Act with as little additional reporting requirements as possible."

The referenced section of Dodd/Frank requires regulators to report on diversity at the financial institutions they firms regulate. This is an entirely new reporting requirement, and the first time a diversity reporting rule has been applied so broadly in an industry. This is also the first time a federal financial institution regulator has been tasked with this work.

Credit Union executives met with NCUA's OMWI office director, Tawana James, "on February 29 and..have written her a letter on March 26 expressing concern about a possible requirement to assess the diversity practices of credit union contractors and suppliers."

We will cover this and other recent Section 342 developments in …