This Black History Month, the National Federation of Community Development Credit Unions and the African-American Credit Union Coalition have joined forces to celebrate African American credit unions in a social media campaign that illustrates the impact of credit unions on their members and communities.
The Federation promotes financial inclusion by organizing, supporting, and investing in credit unions that specialize in serving communities with limited access to affordable financial services. It includes many minority designated credit unions among its members.
“The Federation was organized over 40 years ago by primarily minority credit unions to represent the unique needs of vulnerable communities and the credit unions that serve them,” said Federation CEO Cathie Mahon. “Diversity among credit unions, our leaders and our members makes our movement stronger and guarantees the relevance of credit unions for all people, including those who most benefit from the credit union difference.”
AACUC works to expand interest in and increase the number of minorities in the credit union movement and provides scholarship and internship programs to encourage African-American students to seek employment in the credit union movement.
“AACUC’s history in the Credit Union Movement is a shining example of how credit union professionals and organizations come together for the common good of everyone,” said Renee Sattiewhite, AACUC Executive Director.
Despite continuing growth in the US economy, African American households lag in income earned and wealth owned compared to White and Latino households. Research on the racial wealth divide by Prosperity Now reports a 75% decline in wealth between 1983 and 2013, while median White household wealth rose by 14%. African American credit unions serve some of the most vulnerable communities in the US. While credit unions are the better choice for all consumers, they are the best choice for low- and moderate-income earners who might otherwise resort to predatory lenders.
The impact stories that the Federation and AACUC will be sharing on Facebook, LinkedIn, Twitter and Instagram are designed to increase the visibility of African American credit unions within our industry, communities of color, the community development finance sector, and legislators. Find the first post today on Facebook, on Twitter, on LinkedIn and on Instagram.