CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Faith fuels credit union calling
Community Service Subscribers

Faith fuels credit union calling

Suzette Cowell helped start Toledo Urban Federal to fill gaps in unbanked community.

June 15, 2022
Brock Fritz
One Comment
Toledo Urban Federal Credit Union

Listen to the article

Faith fuels credit union calling

At a bank where Suzette Cowell used to work, loan applications from two Toledo, Ohio, ZIP codes were automatic rejections. Now, Cowell leads a credit union located in one of those ZIP codes.

As CEO/treasurer at Toledo (Ohio) Urban Federal Credit Union, Cowell ensures no such rejections occur at the $12.3 million asset credit union.

“It didn't matter where people worked or anything else, they opened up the file enough to look at the ZIP code and put ‘denied’ on it,” she says, recalling her time at the bank. “One day, it was too much for me to handle. I didn’t even know who the person was, but they were denied and I just started crying.”

Not long after, Cowell attended a Bible study at Friendship Baptist Church, where Pastor Bishop Duane C. Tisdale asked her to look into creating a financial institution for the church. The next day, she checked out the local library’s lone book about credit unions.

“I read it and I had this fire,” Cowell says.

In August of that year, a shooting in her neighborhood claimed three lives, leading to calls for peace and unity. One idea to achieve both: form a credit union.

“Congresswoman Marcy Kaptur asked if I would work on it for the community because the community really needed it,” she says. “That was the birth.”

Four years later, Toledo Urban Federal opened its doors on July 21, 1996. The credit union opened accounts during a church service and had about 800 members in its first month. By September 1996, it had 2,800 members.

“We literally had people standing around the block trying to get in the door,” Cowell says, adding that credit union employees and members pray at the start of every workday. “We had two staff members. We didn't get lunch hours and we really didn't understand how the demand would play out. People just started coming.”

Previously, many community members took care of their finances at corner stores. Cowell says the credit union had to break the generational cycle of people going to these stores when they needed a loan or to cash a check.

Early on, roughly 95% of Toledo Urban Federal’s members were African American. But after credit union employees went on TV to talk about payday lending, the membership quickly became more diverse.

The credit union still prioritizes diversity and will celebrate Juneteenth on social media and within the community. The June 19 federal holiday commemorates the end of slavery. The holiday, she says, “is long overdue.”

Toledo Urban Federal also emphasizes financial education, as many early members lacked tools such as credit and insurance.

The credit union’s financial counseling typically occurs in a one-on-one fashion rather than a classroom setting. This allows staff to work directly with members to understand their financial limitations and aspirations.

“I love the way there's a personal relationship with members, and they feel comfortable enough to talk to you about everything that's going on,” Cowell says. “We even have members who file bankruptcy and come back and pay us. In these days and times, you really have to know your membership."

KEYWORDS community development DEI development engagement Juneteenth

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Compliance: FinCEN issues issue BOI reporting guidance

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: One semifinal set; Vote for the best in the West

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which South Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us