Carver Bancorp Appoints Black Woman Banking and Regulatory Expert to Its Board
In a move that beef up its regulatory compliance acumen, Carver Bancorp, Inc. has appointed Robin L. Nunn as an independent member on its board of directors.
Simultaneously, the holding company of Carver Federal Savings Bank reported the move allows it to add a Black woman director when the percentage of women of color on public company boards continues to be disproportionately low. Black Women on Boards noted that Black women only make up four percent of the board seats at S&P 500 companies.
Based in Harlem, New York, Carver is one of the nation’s largest Black-led banks with assets of about $725 million as of late September this year. Carver is No. 3 on the most recent BE Banks List.
As an independent director, the bank’s management team disclosed it will rely heavily on Nunn’s strategic advice as Carver seeks to continue growing and catering to Minority and Women Business Entrepreneurs (MWBEs) and Black Americans aiming to achieve their financial goals.
Michael Pugh, Carver’s president and CEO, said by email, “Given the current regulatory framework in the banking industry, Carver purposefully sought out Robin Nunn, a highly accomplished woman of color, because of her legal experience in banking and regulatory compliance. We believe it is increasingly vital for Community Development Financial Institutions like Carver to have this type of expertise on their board as they adjust to changing industry dynamics and chart their growth.”
In general, compliance is crucial for institutions, such as all types of banks, as it can impact their strategic direction and accountability with regulators that oversee them.
Nunn is a partner at Morgan Lewis & Bockius LLP, where she is co-head of the firm’s banking industry practice. She has handled high-stakes cases on behalf of banks and other financial services firms in connection with regulatory investigations, enforcement proceedings, and regulatory compliance.
She was an in-house counsel earlier in her career with two major financial institutions, developing and executing critical legal strategies, per a news release. She represented the entities centering on the Office of the Comptroller of the Currency, Federal Reserve Board, Consumer Financial Protection Bureau, and Federal Deposit Insurance Corporation-related regulatory compliance and enforcement matters.
“It is an honor to be invited to join the Board of Directors for Carver Bancorp, Inc.,” Nunn said in an email. “I hope to uphold the integrity and confidence that customers place in Carver and work alongside the talented leadership team at the Bank and with the other members of the Board.”
Nunn also is on the boards of the National Endowment for Financial Education, Duke Ellington School of the Arts, and Council on Legal Education Opportunity Inc.