Page 22 - Michigan Credit Union League: 2018 Contact Q2

BUILDING EQUITY FOR
YOUR MEMBERS
By Angela Russell
Last year, I was fortunate enough to hear Gyasi Ross give a
keynote speech at the YWCA Racial Justice Summit in Mad-
ison, Wisconsin. In it, he described equity as being mutually
invested — that equality may give you a place at the table,
but equity will give you influence and accountability.
His description resonated with me. It speaks to the cooperative
values that set our credit union movement apart from the
broader financial services industry, both in policy and practice. our own Multicultural Center of Expertise — a team designed
In particular, Gyasi’s summation of equity is core to the
principles of Voluntary and Open Membership and Economic
Participation. Without influence and accountability, member-
ship is moot, and economic participation is limited.
Consider the recent news that Bank of America, our nation’s
second largest bank, is no longer offering free checking
accounts to all customers. Now, those with less than $250 in
monthly deposits, or those that cannot maintain a minimum
daily balance of at least $1,500, will pay a fee.
We know that almost half the country could not afford $400
in an emergency. So, to me, this decision is not reflective
of financial equity across the nation.
There’s another cooperative principle I believe is rooted in
the concept of equity: Concern for the Community.
For credit unions and partners like CUNA Mutual Group,
it’s a balancing act to run a fiscally responsible and stable
institution while also supporting the communities we serve.
But it’s one we’ve navigated successfully as an industry.
Financial wellness training and credit counseling offered
by so many credit unions today are excellent examples of
relatively simple programs that can deliver a value that con-
sumers won’t find from other financial institutions.
22 SECOND QUARTER 2018 I CONTACT
Our authentic connection to community is another way credit
unions have traditionally distinguished themselves. Their
goal is to help people and families build financial stability.
We are becoming a more diverse, multicultural society, and
with that change in demography comes different needs. As
a movement, we must find ways to better understand our
evolving membership. In 2017, CUNA Mutual Group launched
to identify how financial behaviors can be driven by culture
and background, and how we and our credit union partners
can amend or adapt our services to best serve our customers.
Additionally, technology is shifting how we interact and learn.
But thanks to investments made by organizations like the
National Credit Union Foundation, we’re able to deliver finan-
cial education to younger audiences in more innovative ways.
In summary, as our communities continue to change, the way
that we connect, participate and serve in our communities
must also evolve.
While I’m very proud to be a part of the credit union move-
ment, I’m keenly aware that financial services is the least-
trusted industry. That’s why we must all remain true to our
values. We must continue to demonstrate that credit unions
are the exception, not the rule. And we must show that
we remain absolutely committed to building equity for our
members. After all, they are the reason we exist.
ANGELA RUSSELL is the VP, Diversity, Equity & Inclusion at CUNA
Mutual Group, the leading provider of insurance and financial
services to credit unions and their members. In this role, Russell
is responsible for leading and overseeing our work on Diversity
& Inclusion and Corporate Social Responsibility. Contact her at
angela.russell@cunamutual.com or on LinkedIn.