Supporting communities of color. (Source: Shutterstock)
The African-American Credit Union Coalition (AACUC) announced on Thursday it has received a commitment of a half-million dollar gift from BECU.
The Tukwila, Wash.-based BECU ($22.7 billion in assets and 1.2 million members) said it intends to support AACUC with the $500,000 gift over the next five years.
According to a joint statement by the organizations, the gift will help fund the AACUC's mission to:
- Increase the overall interest and strength of the credit union movement in the Pacific Northwest region.
- Strengthen diversity, equity and inclusion with a focus on African Americans in the credit union industry, membership opportunities, and access to training and development.
- Assist in the creation of curriculum aimed at addressing wealth equity in communities of color.
- Support the development of a model focused on reaching and building partnerships in diverse communities for large credit unions.
Renée Sattiewhite, AACUC president/CEO, said, "Support from corporate partners, like BECU, further an optimistic outlook for the credit union movement. We are hopeful that other credit unions and organizations will follow their example and invest in the future of credit unions. We are grateful for the support and the outward Commitment to Change that BECU and its leaders have taken."
Renee Sattiewhite "At BECU, we are committed to bringing people together to improve the financial well-being of our members and their communities, and that includes supporting equitable access to financial tools, education and resources," Benson Porter, BECU's president/CEO, said. "AACUC's important work exemplifies the cooperative spirit, of which many credit unions were founded, by bringing the industry together to lead change for communities of color."
This news came after last month's announcement that several credit unions in North Carolina and Florida pledged financial support for the initiative, which is named "Commitment to Change: Credit Unions Unite Against Racism."
The initiative aims to launch a Diversity, Equity and Inclusion Leadership Academy for Financial Professionals (DEI Academy), which will include an interactive program offered four times a year, focusing on diversity, inclusion and understanding racism in U.S. It also plans to create a space for AACUC members to have frank virtual discussions around current events and the experiences of people of color, including the emotional and psychological impact of racial injustice, police brutality and how to bring about sustainable change.
Sattiewhite said, "I am convinced more now than ever that the credit union industry can lead the nation in eliminating racial discrimination. Credit union leaders do not have all the answers but as practitioners of financial institutions we have a commodity that everyone needs."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
