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STANDARDS FOR ASSESSING THE DIVERSITY POLICIES OF BANKS, INVESTMENT FIRMS, CREDIT UNIONS

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Under Dodd/Frank, "six federal financial regulatory agencies – the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency –" must, by law, develop standards and an approach to assessing the diversity policies and practices of entities they regulate. This means looking at diversity at all banks, investment firms, and credit unions. All of them. Each of these agencies will develop a way to determine if the policies of the entities they regulate are fair, or at least, inclusive. They are asking for comments on this.
I suggest you comment, and have even drafted proposed comment text for you at: https://docs.google.com/document/d/1_dVF9yIbI5SU_QkiwuNFg3sOkImTdXnUk5J6-pEm0ZM/edit?usp=sharing
Comments are due by Feb. 7, 2014. Submit them via email by going to: Comments on …

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 …

NCUA’s Diversity and Inclusion Strategic Plan

Last week, the national Credit Union Administration released it's Diversity and Inclusion Strategic Plan for 2012-2016. The Plan is an outline of the diversity goals of the Agency. NCUA is responsible for the supervision of the nation's credit unions.

The plan is a competent strategic document, but does not address diversity at the entities regulated by the NCUA.

A copy of the plan can be found at: http://www.ncua.gov/about/Documents/Agenda%20Items/AG20120315Item2B.pdf