The National Credit Union Administration (NCUA) is encouraging credit unions to participate in its voluntary Credit Union Diversity Self-Assessment.
Following the NCUA’s Diversity Equity and Inclusion (DEI) Summit in November, the agency reached out to credit unions to discuss the voluntary self-assessment as an appropriate next step for the industry to embrace the principles of diversity, equity, and inclusion. The self-assessment is designed to help credit union executives evaluate and advance their credit union’s diversity policies and practices.
The self-assessment can be filled out on NCUA’s website and must be submitted to the NCUA’s Office of Minority and Women Inclusion (OMWI) by Jan. 15, 2022.
The National Association of Federally-Insured Credit Unions (NAFCU) is committed to DEI and supports NCUA efforts to ensure the financial inclusion of all Americans.
In addition, NCUA issued a Regulatory Alert to break down the Consumer Financial Protection Bureau’s (CFPB’s) annual adjustments for three exemption thresholds under the Truth in Lending Act (TILA) and the Consumer Leasing Act (CLA). In the alert, NCUA noted the 2022 thresholds have increased from the 2021 thresholds and went into effect on Jan. 1, 2022.
Each year, the CFPB is required to adjust certain threshold amounts based on the percentage change in the consumer price index. Of note, the threshold that triggers requirements to disclose minimum interest charges will stay the same at $1 in 2022.