Carver Bancorp appoints black woman banking and regulatory expert to board
In a move that reinforces its acumen for regulatory compliance, Carver Bancorp, Inc. has appointed Robin L. Nunn as an independent member of its board of directors.
At the same time, the holding company of Carver Federal Savings Bank reported that the move allows it to add a black female director as the percentage of women of color on public company boards continues to be disproportionately low. black women on stage noted that black women make up just 4% of board seats at S&P 500 companies.
Based in Harlem, New York, Carver is one of the nation’s largest black-run banks with assets of about $725 million at the end of September this year. Carver is No. 3 on the most recent List of BE banks.
As an independent director, the bank’s management team revealed that they will rely heavily on Nunn’s strategic advice as Carver seeks to continue to grow and meet the needs of minorities and women entrepreneurs ( MWBE) and Black Americans aiming to achieve their financial goals.
Michael Pugh, President and CEO of Carver, said via email: “Given the current regulatory framework for the banking industry, Carver deliberately sought out Robin Nunn, a highly accomplished woman of color, based on her legal background. in banking and regulatory compliance. We believe it is increasingly vital for community development finance institutions like Carver to have this type of expertise on their board as they adapt to changing industry dynamics and plan for growth.
In general, compliance is crucial for institutions, such as all types of banksas this may impact their strategic direction and their accountability to the regulators who oversee them.
Nunn is a partner at Morgan Lewis & Bockius LLP, where she is co-head of the firm’s banking practice. She has handled high-stakes cases for banks and other financial services companies in regulatory investigations, enforcement proceedings and regulatory compliance.
She was in-house counsel earlier in her career with two major financial institutions, developing and executing critical legal strategies, according to a press release. She has represented entities centered on the Office of the Comptroller of the Currency, the Federal Reserve Board, the Consumer Financial Protection Bureau, and compliance and enforcement matters related to the Federal Deposit Insurance Corporation.
“It is an honor to be invited to join the Carver Bancorp, Inc. Board of Directors,” Nunn said in an email. “I look forward to maintaining the integrity and trust clients place in Carver and to working alongside the Bank’s talented management team and fellow Board members.”
Nunn also serves on the boards of the National Endowment for Financial Education, the Duke Ellington School of the Arts, and the Council on Legal Education Opportunity Inc.