NCUA clarifies new call report questions' intentWASHINGTON (1/11/12)--The National Credit Union Administration (NCUA) has clarified that new questions addressing minority credit unions and workplace diversity, which were added to fourth quarter call report documents with no explanation from the agency as to why, are required by the Dodd-Frank Wall Street Reform Act.
The questions are:
The NCUA notes in its clarification sent to credit unions that the conditions in each question must be true for a credit union to answer "yes" to the question: Are you a minority credit union (MCUA).
Credit unions that answer yes are also asked to identify the minority groups(s) that comprise its membership or management.
The NCUA's Office of Minority and Women Inclusion (OMWI), which is tasked with ensuring equal employment opportunity and workplace diversity at the NCUA and in the credit unions the agency regulates, is developing a program for preserving minority credit unions--as instructed under Dodd-Frank--and these questions will help the NCUA develop this program.
The NCUA has also added new questions on workplace diversity to the Credit Union Profile under "Regulatory Information," but the questions are only to be answered by credit unions with 100 or more employees or credit unions with 50 or more employees that serve as a depository of government funds, as issuing and paying agents of U.S. Savings Bonds or Notes, or have a Federal Government contract of at least $50,000.
The NCUA doesn't consider federal share insurance a government contract for purposes of this requirement, the Credit Union National Association (CUNA) has noted.
Credit unions have to provide the date on which they last filed the required EEO-1 Survey Report with the Equal Employment Opportunity Commission (EEOC) and must answer "yes" or "no" if they have a "diversity policy or program."
These questions are meant to assess the number of credit unions that have diversity policies and practices in place, and determine credit union compliance with EEOC reporting requirements, the agency has said. The NCUA has not established standards for diversity programs, but more guidance related to diversity programs could be released.
For more on the NCUA questions, see CUNA's CompBlog.