15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Miriam De Dios Woodward Miriam De Dios Woodward is the CEO of PolicyWorks, LLC. She also serves as Senior Vice President of AMC, the holding company of the Iowa Credit Union League and parent … Web: https://www.policyworksllc.com Details As credit unions increasingly embrace diversity, equity, and inclusion (DEI) initiatives and seek to better represent and serve their ever-changing communities, understanding the regulatory components that touch such initiatives is an important starting place.For example, laws such as the Equal Employment Opportunity (EEOA) and Equal Credit Opportunity (ECOA) acts outline baseline requirements for employers and financial services organizations to follow to ensure equal treatment regardless of ethnicity, national origin, gender and other protected classes. Viewed from a different perspective, these laws provide the baseline for inclusivity in hiring and lending. While the EEOA speaks to the area of human resources, which is a robust area in and of itself, let’s focus on DEI from a membership standpoint. Certainly, few if any credit unions today consciously or actively discriminate against particular groups based on national origin, race, religion, or other criteria. But inclusion involves more than mere non-discrimination. It means proactively reaching out to underrepresented groups, understanding their needs, and striving to meet those needs through the credit union’s products and services in a compliant manner.Adjusting Products and ServicesCredit unions, like all organizations, have to make business decisions on a variety of matters every day. One such business decision could be expanding their services to underrepresented groups. A way to ensure the credit union is addressing the community at large is to consider the changing demographics in its membership area and aligning account opening and lending practices accordingly. If the credit union is serving immigrant groups for example, this may require an update to a member identification program, lending policies and procedures, in order to be inclusive of all.End-to-end MindfulnessIt is important to keep the needs of the target community in mind from end-to-end, all the way from advertising to member service on the front-line. For example, if a credit union advertises its services on its website or elsewhere in a language other than English, be sure to have employees available to speak to members in that other language. This will not only make non-English speaking members more comfortable working with the credit union and can reduce misconceptions or misunderstandings among non-English speaking members, this will help you avoid any potential UDAAP ( Unfair, Deceptive, or Abusive Acts or Practices) violations and overall will avoid misleading members into thinking you offer services in another language if in fact you don’tIf you are going to provide materials in another language, a translation strategy is also important to ensure all relevant information is accurately translated, leaving no room for misunderstandings. Because there can be many ways to translate a word or phrase from one language to another, it is important to seek experts who not only understand the native language being translated to, but also understand financial and credit union terminology for any required translation work. Accuracy, consistency, and relevancy are important in translations. Avoid using Google Translate for something this important and seek outside consultants, if necessary, to assist. Going Beyond Traditional ApproachesServing diverse population groups is part of the credit union creed. While there are always regulations to consider, there are also many opportunities to grow credit union membership by tailoring products and services to specific needs of the membership base.Serving people with non-traditional forms of identification, such as a consulate card, is one example of new membership a credit union could be serving. By expanding services to include underserved members and updating the credit union’s member identification policy and procedures to include non-traditional forms of identification, you do not have to turn down membership. The IRS’s Individual Taxpayer Identification Number (ITIN), which is a taxpayer identification number that some immigrants may have, is a valid taxpayer identification number that credit unions can accept to lend and open interest-bearing accounts. Another opportunity to be inclusive in lending is through the underwriting process. Members without traditional credit histories may not have the traditional forms of documentation you seek to verify credit, however, this does not mean that they have not established credit. The credit they have established however may be found in non-traditional sources such as alternate payment data, including that found in paying recurring bills such as utilities, or rent. While this likely would not alter your lending policy, it would require a change in underwriting procedures to ensure your requirements list is as inclusive as possible. This would apply for anyone seeking a loan at your credit union, whether it’s a young college student or a recent immigrant. To achieve success in DEI initiatives you need to go beyond meeting the regulations. The regulations provide a baseline framework, however, it takes initiative and a commitment to ensure you go beyond what’s required to what’s needed in your communities.
By Simon EvansMANCHESTER, England (Reuters) – Manchester United ended Liverpool’s 100 percent start to the Premier League season — and their 17 match winning streak — with a 1-1 draw at Old Trafford on Sunday.But there was disappointment for Ole Gunnar Solskjaer’s side who were five minutes away from a surprise win before Liverpool substitute Adam Lallana grabbed an equaliser for the league leaders to cancel out Marcus Rashford’s 36th minute opener.It was yet another Premier League game with VAR controversy which will continue to provoke debate about the system introduced this season.The result cuts Liverpool’s lead over second-placed Manchester City to six points and Juergen Klopp’s side were far from their best.“We were good enough for a point,” said Klopp, “We were in charge 100% towards the end. We wanted a different result but to do that you have to play better.”United are now unbeaten in their last seven home games against Liverpool and while their battling display will boost morale, the 20-times champions are adrift in 13th place, 15 points behind the leaders.“We have a team that works for each other and maybe this will turn their season,” said Solskjaer.“They are disappointed because they feel we should have won. Our fans showed they can see what’s happening and we will get there.”It has been many years since United went into this fixture as clear underdogs with just two victories from their opening eight games.On paper, the United line-up matched up poorly against Klopp’s side, especially with Paul Pogba out injured and Anthony Martial restricted to the bench as he returned from an injury lay-off.Liverpool were without Egyptian striker Mohamed Salah, who was ruled out with an ankle injury with Divock Origi given a rare start alongside Roberto Firmino and Sadio Mane in attack while Brazilian keeper Alisson Becker returned from injury.Solskjaer’s headaches were added to when defender Axel Tuanzebe was injured during the warm-up, meaning Argentine Marcos Rojo had to be thrust into the starting 11.But from the outset, United worked tirelessly, chasing down the ball in midfield and grew in belief while Liverpool never found their usual standard of fluency and invention.Rashford scored after turning home a superb low cross from Dan James after the speedy Welshman had broken down the right flank.The goal was subject to a video review and allowed to stand despite Liverpool claims that Victor Lindelof had fouled Origi at the start of the move.Liverpool thought they had got level, two minutes before the interval, when Mane outfought Lindelof and poked home but the VAR review showed the Senegalese forward had handled the ball.But Klopp’s side, who had struggled to find openings, finally broke through in the 85th minute when Lallana slotted home Andy Robertson’s low cross.