Inclusiv and AACUC celebrate African American Credit Unions

Their Campaign features credit unions' impact throughout Black History Month.

black history month

This Black History Month, Inclusiv (formerly known as the National Federation of Community Development Credit Unions) and the African-American Credit Union Coalition (AACUC) 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.

Inclusiv and its network of community development credit unions believe that true financial inclusion and empowerment is a fundamental right. Inclusiv is dedicated to closing the gaps and removing barriers in financial opportunities for distressed and underserved communities by providing capital, making connections and building capacity, developing innovative products and services for CDCUs and working to transform local progress into lasting change at the national level.

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.

Despite continuing growth in the US economy, African American households lag in income earned and wealth owned compared to White, Asian American, and Latino households. Research on the racial wealth divide by Prosperity Now reports a 75 percent decline in wealth between 1983 and 2013, while median White household wealth rose by 14 percent. Further, this same research also found that both White and Asian American households earn more than twice as much, on average than African American households. African American credit unions serve some of the most vulnerable communities in the U.S. 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.

“Inclusiv was organized over 40 years ago by primarily minority credit unions, and these institutions continue to serve a critical function today, acting as a force for economic empowerment and inclusion within communities traditionally excluded from accessing safe and affordable financial services. African American credit unions are, and will continue to be, some of the best tools we have to strengthen our communities and fight back against the growing divide of income inequality and the racial wealth gap,” said Cathie Mahon, Inclusiv President/CEO.

“There is no better way to encourage economic wealth and savings for the underserved than minority credit unions serving members and educating surrounding communities. It is imperative that African American credit unions’ efforts are acknowledged, celebrated and replicated,” said Renee Sattiewhite, AACUC Executive Director.

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 the credit union industry, communities of color, the community development finance sector and legislators. Find the first posts on Facebook, LinkedIn and Twitter, featuring members of the On the Rise Financial Center in a recent interview with the local NPR affiliate, 90.1 FM WABE.

The Center is an Inclusiv initiative, which, in collaboration with credit union partners 1st Choice CU, BOND Community CU, Credit Union of Atlanta and Peach State FCU, promotes financial inclusion in Atlanta’s historic Westside. Be sure to connect with Inclusiv on Facebook, LinkedIn and Twitter to follow the campaign, which will be posting updates tagged #BlackHistoryMonth all month long.