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Home » Credit unions serve the underbanked during COVID-19
CU System

Credit unions serve the underbanked during COVID-19

July 14, 2020

More than 17% of credit union members are Black, compared with around 13% of bank customers, CUNA shared in a CNBC article about racial justice in banking.

Community Development Financial Institutions (CDFIs) specialize in under-served communities. One CDFI, Hope Credit Union, has been processing Paycheck Protection Program (PPP) loans throughout the COVID-19 disease pandemic.

“We get people in the banking system in a region that is one of the most underbanked in the nation,” Bill Bynum, CEO of Hope Credit Union, said in the article. “We help them access a number of tools, from credit building products to down-payment assistance for first time home-buyers.”

“All of our products and services are designed to benefit our members of color and to bring financial services to at-risk communities where many people are either un- or underbanked,” said Maureen Genna, chief executive officer of Lower East Side People’s Federal Credit Union.

The piece, which reached a potential 15+ million people, also directed readers to find a credit union using the Your Money Further credit union finder.

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
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