Monday, June 19, 2023, marks Juneteenth, the annual celebration of the emancipation of enslaved people in Texas after the end of the Civil War. Although the holiday dates back more than a century, it has gained in popularity in recent years, with President Joe Biden declaring it a federal holiday in 2021.
Many credit unions close in recognition of the holiday; some even use it as an opportunity for a day of service. That’s in line with broader industrywide efforts focused on diversity, equity, and inclusion, or DEI. With Callahan & Associates closed for the holiday this year, CreditUnions.com offers a look at some of the steps the industry has taken to create a more equitable industry and nation.
Big Problems. Branch Solutions.
Many shops have embraced DEI, but Seattle Credit Union ($1.1B, Seattle, WA) has not only launched its own internal DEI board, it also has worked to address racial equity issues by placing branches in Black neighborhoods that were formerly banking deserts.
Rather than take an “if you build it, they will come” approach, the credit union worked to establish close ties with those in the neighborhood by holding listening sessions in the community, connecting with local leaders, and partnering with local nonprofits to help restore and build wealth.
Read more in “How 3 Credit Unions Tackle Systemic Issues.”
A Task Force For Action
Teachers Credit Union ($4.9B, South Bend, IN) has had a diversity council since 2008. More recently, it launched a 12-person task force of employees from across the organization to focus on DEI strategies.
The tasks force’s efforts have made a companywide impact. Improvements include introducing multi-lingual prompts for those contacting the call center who might not be fluent English speakers, rolling out webpages highlighting the credit union’s public steps around DEI, hiring new employees focused on DEI, and more.
Read more in “A Force Of Change For Diversity, Equity, And Inclusion.”
Do Well While Doing Good
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Women In The World
Credit unions are taking steps to ensure their membership rosters are as diverse as the communities they serve. In turn, they also are making strides toward ensuring industry leaders are as diverse as the members they serve. That starts with more intentional hiring at all levels of the credit union — including internships and in some cases even mentorship opportunities.
One especially popular program pairs experienced White women in the industry with Black women who haven’t come as far in their careers, allowing both parties the chance to network, learn from each other’s experiences, and create conversations about racial and gender biases.
Read more in “Mentoring Program Connects C-Suite Women With Young Black Professionals.”
All In This Together
A host of credit unions have made long-term commitments to help advance racial equity across the country. BECU ($28.8B, Tukwila, WA) has made a five-year, $5 million commitment to benefit Black-led nonprofits. Read more in “How BECU Supports Black Communities In Seattle And Beyond.” Halfway across the country, GreenState Credit Union ($11.4B, North Liberty, IA) has made a $1 billion commitment to lend to minority borrowers in an effort to narrow the racial homeownership gap. Read more in “A Call For Cooperatives To Close The Racial Homeownership Gap.”