Chairman Harper Emphasizes Allyship to Achieve DEI Goals

Summary:

The National Credit Union Administration (NCUA) has published a research note on the social attributes of credit union mortgages. The study used the Social Index, a methodology developed by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency, to evaluate the social attributes of mortgages originated by credit unions in 2022. The analysis found that credit unions have higher Social Index scores than entities regulated by other federal financial institutions regulators, but trailed entities regulated by the Department of Housing and Urban Development, including non-depository institutions. The study also suggests that larger credit unions tend to have higher social criteria scores than their smaller credit union counterparts. The NCUA Chairman emphasized the importance of allyship to achieve diversity, equity, and inclusion goals and urged credit unions to embrace this principle to improve performance and spur innovation.