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Diversity, Keeping Mission of Helping Underserved are Key, says Congressman Scott

WASHINGTON - Protecting credit unions' mission of extending access to financial services in communities that are lacking is at a critical stage, says one Congressman. "Credit unions have been on Main Street helping minorities become homeowners for the first time and helping establish minority-owned small businesses," said Rep. David Scott...

By Staff Writer | Updated on August 17, 2004

WASHINGTON – Protecting credit unions’ mission of extending access to financial services in communities that are lacking is at a critical stage, says one Congressman. “Credit unions have been on Main Street helping minorities become homeowners for the first time and helping establish minority-owned small businesses,” said Rep. David Scott (D-Ga). “(I) am an entrepreneur with my own business, so I know firsthand what it means to struggle to build a business and the importance of diversity in the marketplace.” Scott, who was one of the keynote speakers at the African-American Credit Union Coalition’s annual meeting in Atlanta last week, said proponents must ensure “that the basic mission of credit unions to extend access to financial services at the community level is not harmed” and applauds those credit unions that are doing their part in economically-distressed neighborhoods. Just as important is having a diverse staff he said, pointing out a hearing held in July by the Financial Services Committee which addressed the lack of diversity in management and boards of financial institutions. Scott serves on the Committee and has sponsored legislation dealing with home ownership, financial literacy and mutual fund protections.

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