CUs committed to DEI, providing financial inclusion and access to capital

Credit unions recognize that financial inclusion and access to capital are critical to ensuring the survival of many of our nation’s most vulnerable small businesses, especially women- and minority-owned businesses (MWBEs), CUNA wrote to the House Financial Services Subcommittee on diversity and inclusion Wednesday. The subcommittee conducted a hearing Thursday on challenges facing MWBEs accessing capital and financial services during the pandemic.

“During economic and financial crises, credit unions have stood out with their focus on mission and we have continued lending to help members navigate through tough times while banks were more concerned with preserving capital, Indeed, credit unions are more likely than other lenders to continue to lend during recessions.”

Credit unions are also unique in the financial services industry because they lead the way when it comes to gender diversity with 52% of credit union CEOs being women compared to 5% of bank CEOs. In addition, despite field of membership restrictions and no Community Reinvestment Act (CRA) requirements, credit unions advance financial inclusion and access by locating roughly 70% of credit union branches in racially/ethnically diverse areas compared to roughly 60% of bank branches.


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