Corporate DEI programs in the United States have become more prevalent in recent years. Among credit unions, some have closely examined their role in advancing diversity, equity, and inclusion at their shops and beyond, integrating it into their cultures and embracing it as a core value. But as a relatively new area of focus, there isn’t a clear career path to becoming a senior leader.
For James Hunter, chief diversity, equity, and inclusion officer for New Orleans Firemen’s Federal Credit Union ($255.6M, Metairie, LA), his journey to the C-suite has included a patchwork of exceptional experiences and perspectives, including as director of real estate lending at NOFFCU and senior vice president of mortgage at Hope Federal Credit Union ($570.3M, Jackson, MS).
Hunter put himself through school — earning a Bachelor of Arts degree and then a master’s degree in public administration — and says he was often the only Black person in the classroom. This personal history has sharpened his focus on two critical words not represented in the DEI acronym — belonging and justice.
“In my life, I’ve experienced what it feels like to not be included, which helps me better understand my niche today,” Hunter says.
While he served as SVP of mortgage at Hope, the credit union increased mortgage lending by more than 117% to people of color, first-time homebuyers, and women.
“There was a big homeownership divide in the deep south that still persists,” Hunter says. “We created a product that was revolutionary at the time, a loan that offered up to 100% financing with no private mortgage insurance.”
By keeping loans like this on its balance sheet, Hope was able to offer creative solutions and help people turn around their personal and familial narratives by building and sustaining generational wealth. Even during COVID challenges, the members who had these loans managed to stay in their homes.
Before joining NOFFCU in December 2022 and his nearly three-year stint at Hope before that, Hunter led multiple departments at Arkansas Federal Credit Union ($2.3B, Little Rock, AR) as well as held prominent roles at some of the largest financial institutions in the country. He served as an area underwriting manager for Wells Fargo and traveled the country during the Great Recession to help struggling homeowners modify their mortgages. Hunter also served as head of the telesales division for Washington Mutual Bank and spent several years in public service at a water system.
“I learned a lot about lending best practices and how to streamline processes, especially at Wells Fargo, where I managed 40 underwriters in two different states,” Hunter says. “Joining their travel team to modify mortgages was one of my pivotal moments. Those experiences are like patches on the quilt I take with me as I try to bring what worked well into new environments and execute on a grander scale.”
CU QUICK FACTS
NEW ORLEANS FIREMEN’S FCU
DATA AS OF 12.31.23
HQ: Metairie, LA
ASSETS: $255.6M
MEMBERS: 28,916
BRANCHES: 10
EMPLOYEES: 100
NET WORTH: 11.5%
ROA: 0.46%
One example of how Hunter has used past experiences in new environments is NOFFCU’s 100% mortgage loan, which combines the best of VA, FHA, and rural development loans.
“We need to give people a chance to escape zip code destiny and persistent poverty,” Hunter says. “Removing barriers like down payments and closing costs can help turn a rent payment into an affordable mortgage payment that allows families to settle in and get involved — know where their kids will go to school and take pride in their local community.”
During his graduate studies, Hunter learned to look beyond mission statements to closely examine policies and uncover what organizations are — and aren’t — doing in practice. That includes how credit unions are serving the low-to-moderate income individuals many were created to serve.
As part of his industry service, Hunter serves on the board of Inclusiv, an organization that specializes in supporting credit unions that serve underserved markets. That’s where he met Judy Delucca, CEO of NOFFCU. The two competed for the same board seat, and although Hunter won, Delucca won him over with her straightforward vision to deliver financial inclusion for all, offer free financial counseling, help people break out of the payday lending cycle, and build a game-changing credit union culture.
NOFFCU does that today, in practice, through its financial inclusion department that reviews loans on a secondary level.
“When a loan is denied, we find out more about that member’s situation, offer financial counseling, and, ultimately, put that member in a loan that’s right for them,” Hunter says.
The results have been eye-opening, especially in collections.
NOFFCU strives to meet members where they are and find ways to serve, even during times of delinquency. When inflation, high rates, and skyrocketing insurance costs wallop borrowers, the credit union helps them re-examine their financial situation, consolidate debts, and identify other opportunities.
“We look at members’ loan profiles and try to find creative solutions,” Hunter says. “It’s a group effort, just like making a pot of gumbo.”
The credit union also participates in Beneficial State Foundation’s Underwriting for Racial Justice Pilot Program, one of the few credit unions that does so.
“We’ve done a lot of good work, but there’s a lot more to do,” Hunter says.
A pilot program aims to increase access to credit for people of color by bringing together multiple lenders to share data and practices as well as explore new underwriting practices. Learn more in “Equity In Lending Takes Center Stage For 2 Credit Unions.”
Through his Inclusiv network, Hunter has people with whom to share ideas and lean on while trying to bring about change. He hopes other credit unions embrace that cooperative stance and leverage shared resources to bring equity — and long-lasting, systemic change — to their communities.
For leaders interested in fostering diversity, equity, inclusion, belonging, and justice, Hunter advises taking a hard look at their environment.
“Are you happy with what you see?” he asks. “If not, what can you do about it? How can your organization bring justice to your community?”
Data from the National Association of Realtors shows the racial homeownership gap is at its widest point in a decade. Now is the time for credit unions to get back to basics, according to Hunter.
“This should be our call to action,” he says. “If we all take a stand, we can bring so much change across the country and the world. Let’s get out of our own way and be our own advocates.”