NEW YORK–Inclusiv has launched inclusivcommunities.org, a new consumer-facing website designed to help African American community development credit unions in the New York Metro area reach out to consumers in northern Manhattan, the Bronx, Brooklyn, Queens, the Lower East Side of Manhattan, and northern New Jersey.
According to Inclusiv, the credit unions, many of them faith-based and serving pockets of underserved consumers within larger, often gentrifying communities, have been participating in an initiative to address the operating challenges of small minority-owned institutions. The initiative was made possible with support from Citi Community Development
“Minority owned credit unions are closing at the staggering rate of roughly one per week and African American credit unions, which make up 50% of all minority-owned credit unions, are among the fastest to decline,” said Inclusiv. “These closures are particularly concerning given that Black and Hispanic households are five times more likely to be underbanked than White households, according to the FDIC.”
‘Forefront of Movements’
“Community development credit unions…have been at the forefront of our nation's most important social movements – from civil rights to the war on poverty, to anti-redlining, community reinvestment and asset building," says Cathie Mahon, Inclusiv CEO. "The credit unions featured on inclusivcommunities.org strengthen our communities and provide practical solutions to fight growing income inequality in cities like New York.”
The majority of the nine participating credit unions - 1st Bergen FCU, Abyssinian Baptist Church FCU, Concord FCU, Empire Financial FCU, Fidelis FCU, Greater Centennial FCU, New Covenant Dominion FCU, St. Augustine Presbyterian FCU and University Settlement FCU - did not previously have a website where they could list their products, services, or hours of operation, Inclusiv said.
“By collaborating with Inclusiv on the African American Credit Union Initiative, Citi aims to help address the operating challenges of small minority-owned credit unions, which in turn help expand access for people in the communities we serve,” said Helen Steblecki, senior vice president, Citi Community Development.
Follows Social Media Campaign
According to Inclusiv, launch of Inclusivcommunities.org follows a social media campaign developed in cooperation with the African-American Credit Union Coalition (AACUC) featuring African American credit unions' members and leaders this past February in celebration of Black History Month. African American Credit Unions Build Strong Communities is a compilation of the posts and will be used by Inclusiv and AACUC to advocate on behalf of minority credit unions and the communities they serve,