CUNA supports laws to promote DEI in financial services | 2020-09-08



CUNA and its members are committed to ensuring that Diversity, Equity and Inclusion (DEI) continue to play an important role in all aspects of the financial services sector. CUNA wrote to chair the House Financial Services Subcommittee on Diversity and Inclusion on Tuesday. CUNA’s letter includes support for several laws that it believes would advance DEI principles in financial services.

“The country’s 5,300 credit unions have committed to improving DEI in our member-owned, democratically controlled, not-for-profit financial cooperatives,” the letter said. “This commitment manifests itself in a number of ways, including research efforts to ground and ultimately measure diversity, equity and inclusion change in credit unions; the Facility the Credit Union DEI Collective – a network of partners in the credit union system, including NCUA – dedicated to deepening the DEI in the credit union movement; a large and growing number of educational opportunities to assist credit unions on their DEI journey; and CUNA setting a Vice President for Diversity, Justice and Inclusion to lead DEI efforts. “

Legislation supported by CUNA includes:

  • Financial Regulators Act
  • Law on the Diversity of the Federal Budget Bank Executive Board; and
  • Federal Reserve Bank’s Diversity Act.

“This legislation would require consideration of at least one person who reflects gender diversity and one person who reflects racial or ethnic diversity when holding advisory board positions, any vacancy on the boards of the Federal Home Loan Bank, and any vacant positions Make the board of directors of the Federal Reserve Bank, ”the letter reads.

CUNA also expressed concern about several pieces of legislation that would apply to all financial institutions that would require them to report data on employment diversity and inclusion, among other things, without concern about company size or other unique characteristics.

“The committee’s current legislative proposals to require data on diversity of employment from all institutions, regardless of staff size, would impose significant new data collection and reporting obligations on the overwhelming majority of credit unions, even though these institutions together only employ a quarter of all employees.” Credit unions work, ”the letter reads. “We urge the committee to reconsider this approach.”



About Author

Comments are closed.