COS COB, Conn. – Members Credit Union said it will use a recipient of a $120,000 Technical Assistant grant from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund to hire a bi-cultural loan officer to increase lending to its lower-income and underserved minority community.
“The grant award is part of a broader community-development strategy aimed at the financial inclusion of lower-income, minority, and immigrant communities in Fairfield County, Connecticut,” Members Credit Union said. “The state of Connecticut has the third-largest income gap in the country between the top 1% and the other 99%. Connecticut’s top 1% each earned an average of $2.7 million in 2015, compared to an average of $52,000 for the rest of all taxpayers – a ratio of about 51:1.”
MCU said its commitment to the Hispanic community was underscored in 2018, when it was the first credit union in Connecticut to be honored with the Juntos Avanzamos (Together We Advance) designation, which recognized the credit union relevant community partnerships, board and staff diversity, acceptance of alternative ID and many other qualifications.
Expanded Lending to Underserved Markets
The 2019 CDFI Technical Assistance grant will be leveraged to increase financial education and lending to underserved markets, the credit union said.
“We are so grateful to Scott Butterfield and Your Credit Union Partner, first for giving us the confidence and encouragement to build a meaningful outreach program to our low-income and minority members, and second for taking us successfully through this Technical Assistance grant award process,” said Kathy L. Chartier, president and CEO of MCU.
The CU noted the CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services.