Inclusiv launches inclusivcommunities.org
New shared website for African American credit unions in the NY Metro area
FOR IMMEDIATE RELEASE
NEW YORK, NY (March 27, 2019) — Inclusiv is pleased to announce the launch of inclusivcommunities.org, a new consumer-facing website designed to help African American community development credit unions in the NY Metro area reach out to consumers in northern Manhattan, the Bronx, Brooklyn, Queens, the Lower East Side of Manhattan, and northern New Jersey. The credit unions, many of them faith-based and serving pockets of underserved consumers within larger, often gentrifying communities, have been participating in an Inclusiv 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 percent of all minority-owned credit unions, are among the fastest to decline. These closures are particularly concerning given that Black and Hispanic households are 5 times more likely to be underbanked than White households, according to the FDIC.
"Community development credit unions, also known as CDCUs, 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.
“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.
The 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.
At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve over eight million residents of low-income urban, rural and reservation-based communities across the US and hold over $92 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at Inclusiv.organd connect with us on Facebook , LinkedIn and Twitter .
Inclusiv is the new name of the National Federation of Community Development Credit Unions.