Northwest Credit Unions Mark Pride Month With Virtual DEI Series

The time for credit unions to embrace diversity, equity and inclusion is now, and credit union leaders and employees who may feel overwhelmed by the idea of implementing a comprehensive DEI program can start by taking small and even informal steps.

That was the consensus shared by speakers at a virtual DEI panel Wednesday hosted by the Young Credit Union Professionals of Oregon & Southwest Washington and Cascadia Chapter of Credit Unions, both micro-communities associated with the Northwest Credit Union Association. Hosted by CUbroadcast’s Mike Lawson, the panel featured insights from Derreck Kayongo, the Uganda-born founder of the Global Soap Project and CEO of the National Center for Civil and Human Rights in Atlanta; Amy Nelson, president/CEO of Point West Credit Union ($99 million, Portland, Ore.); NWCUA President/CEO Troy Stang and Coopera CEO Victor Corro.

One small step credit unions can take, according to Corro, is to visit cudeicollective.org and sign a pledge to commit to taking meaningful and immediate action toward change. The CU DEI Collective is an expanding group of organizations within the credit union movement devoted to furthering DEI, and its website includes educational resources and DEI-related industry news. Around 130 credit unions, leagues and CUSOs have already signed the pledge, Corro said.

Credit unions still have plenty of work to do when it comes to building a more diverse staff and board. Corro pointed out that despite every generation in the U.S. being more diverse than the last, 90% of credit union C-suite executives and board members are white. In addition, credit unions appear to have the most opportunity in recruiting Hispanic members, as they only serve 6.8% of Hispanics, who make up 18.1% of the U.S. population, Corro said. He also noted while credit unions serve a larger share of Blacks (who make up 13.4% of the population) compared to banks (17.4% versus 12.8%), credit unions have opportunities to expand their relationships within Black communities by offering them services beyond basic checking and savings accounts.

Kayongo emphasized the importance of appointing more nonwhites and women throughout credit unions, from the teller line to the board and executive team. He also said credit unions looking for new ways to support their communities should consider helping to provide computers and internet access to low-income families, given that the COVID-19 pandemic has required homeschooling and many households – especially minority households – don’t have access to these necessities.

Naming the lack of a FICO score as a major barrier to accessing financial services for many individuals and business owners, Kayongo also noted the value of alternatives to traditional credit scoring methods. “You can look at other things, such as their reputation in the community. A lot of people of color don’t have any credibility with banks, but they have good ideas and can do good business,” he said.

Nelson of Point West advised credit union professionals that their first DEI-related to-do should be to find out what their credit union’s DEI journey looks like today. Then, they should investigate what the next step is in that journey and how they can help.

She emphasized that formal processes are not required to successfully work toward DEI – at least not at first. “Realize that every milestone is a marathon,” she said. “But that doesn’t mean that we don’t start. We can start informally, and then later realize that we should get a formalized process in place. Have a test kitchen where you can start small. Then, if you’re feeling a momentum, you can build it out.”

Corro added that having a diverse board and staff in place is not enough. “You can have as much diversity as you’d like, but if you’re hiring for fit and to keep your current culture, that diversity will go away. They need to feel valued, heard and appreciated so they will stay, and so you can create a more complete credit union that appeals to the broader market. What we need to fight for is inclusion.”

The three-part series also included a virtual version of a Pride march, for which participants were asked to share photos from their own walks, runs and hikes on social media and join a Zoom happy hour on July 17. The series will conclude on July 29 with a virtual fundraising and story sharing session with representatives from the Q Center, a Portland-based nonprofit supporting the LGBTQ+ community. Donations for the Q Center were collected throughout the duration of the virtual series.

“Equity and inclusion must be discussed now, and while it shames me to think that it wasn’t for our crews but a few years ago, I know that falling forward is better than backward,” Michael Murdoch, president of Young Credit Union Professionals of Oregon & Southwest Washington, said of the series. “This event is but a gesture for the importance of people helping people that lays just at our movement’s horizon.”

Sarah Buck, board president for the Cascadia Chapter of Credit Unions, echoed his statement: “If we aren’t making room to talk about diversity, equity and inclusion, than we aren’t listening. Growth happens when we allow these conversations to happen while listening and absorbing. Coming together to have these important discussions allows us to connect and understand that what makes us unique should be recognized and celebrated.”