Cheryl Phillips’ Post

As we look to the future, the urgency of closing the equity gap and supporting women’s financial independence remains paramount. By continuing to lead with purpose and empathy, Community Financial Credit Union and other credit unions can help create a world where financial equity is a reality for all: https://bit.ly/3WodoSb.

🚨 Legal system weaponized to stymie Economic Justice & Community Development in minority communities 🚨 Last week, a pivotal decision emerged from Texas that could have profound implications for our nation's journey toward economic equity. A federal judge halted the implementation of new guidelines under the Community Reinvestment Act (CRA), critically affecting historically underserved communities, especially those of color. 🔹 Why This Matters: "The decision...could significantly slow the trajectory of Black economic mobility." These guidelines were not just reforms; they were a beacon of hope for enhancing financial inclusion and reducing systemic inequities. 🔹 Impact on CDFIs and Communities: This would be a "growth opportunity for the country’s 1,500 Community Development Financial Institutions (CDFIs) that provide financial services and programs in communities of color, as the banks would partner with CDFIs to meet CRA goals." Without these guidelines, the potential for growth and support from these crucial institutions hangs in the balance. 🔹 Economic Implications: "Closing our country’s racial wealth gap could increase our national Gross Domestic Product by up to $1.5 trillion." The economic benefits of fostering an inclusive financial system are immense— for the entire country. 🔹 Looking Ahead: "Elections in November mindful not only of the policies we want from our president and Congress, but of the judges they appoint whose decisions have tangible and lasting impact." 📢 Don't allow a single decision to reverse decades of progress toward financial equality. It's time to raise awareness, engage in meaningful dialogue, and take action that ensures our financial systems work for everyone. Shari Dunn Gillian Marcelle, PhD Mike Green Emily Anne Gendron Joel Serface Elizabeth Leiba Samantha Katz #EconomicJustice

In the past three years, the banks have admitted their complicit role in a mass racial conspiracy spanning generations. Citibank published a report in 2020 that calculated the financial impact to the US over the past 20 years (one generation) due to systemic racism in banking. That cost? $16T. Also, in 2020 the National Association of Realtors (NAR) issued a public apology for the role it played as a complicit conspirator in the systemic racist public policies & private sector practices targeting Black Americans & other populations of color for generations. In the same three years that we have, as a nation, been expressing incessant incredulity at the systemic conditions that pervade our country, the nation of Wales introduced a national Anti-Racist Action Plan and elected it first Black president this March. It seems to me that we, as Black Americans, have the capacity to invest in our capacity to convene thought-and-action leaders, study the model by Wales et al, including CEDS plan models across the US, and develop a vision, strategy and action plan that can be implemented through a networked infrastructure of institutional, organizational, governmental and corporate partners. But we must have a leading investor to fund this process in order to ensure fulltime focus and teamwork that brings the lessons learned to fruition in a national strategic plan that centers, prioritizes and equips Black Americans to compete in a tech-based globally competitive Innovation Economy as both qualified workforce talent, entrepreneurs of scalable enterprises and small business owners with sustainable business models to grow as employers. This won't happen organically nor by magic. It requires dedicated investment of time, energy and talent. I welcome an opportunity to move beyond the justified complaint mode into the arena of education, study, development and deployment of a plan that can implement a strategy of Inclusive Competitiveness (credit to Johnathan Holifield, architect of Inclusive Competitiveness).

To be financially independent and empowered is to be free. It was like a lifeline’: the money clinics helping women escape financial abuse https://lnkd.in/ec75GNq8

Racial Justice Sunday is on 11th February this year. In their most recent blog JustMoney Movement address the findings of a recent report published by Fair4All Finance - “Levelling the playing field: Building inclusive access to financial services for people from minority ethnic groups”. The JustMoney Movement calls for greater support for measures to tackle this ethnicity wealth gap. “We don’t just need the big lenders to become more inclusive: we should also encourage smaller, community-based lenders that are already serving the needs of excluded groups. One such institution we are proud to support is the Pentecostal Credit Union. Elaine Bowes, who shared more about their work at our Money Talks event, said: “98% of our members are Black African or Caribbean. Our objective has always been to economically empower our communities as we believe that the route to true equality is an economic one. So in this regard we welcome this report from Fair 4 All Finance, however the headline findings of this report are old news. But we are heartened by the key takeaway:  ‘’It doesn’t have to be like this – there are clear solutions and practical ways to address discrimination and improve financial wellbeing. This is an opportunity for the UK financial service providers to accelerate work on improving financial inclusion.’’ Read the blog at www.justmoney.org.uk Bryn Lauder Ann Waugh, FCIPD Selina Stone Mike Royal Joe Aldred David Frederick Spencer Fearon Nick Myers

Credit unions are stepping up. With our support, you're not just meeting member needs—you're making deep connections in the community. From education programs to partnerships with financial advisors, a collaborative approach can help you meet the changing needs of your members and strengthen community ties. Christopher Cassidy shares how we can help → https://bit.ly/3zCAv2e

Talking about money might be considered taboo, but this mindset could be doing us a disservice. After all, it’s not what you say, but how you say it. On the last day of #AmericaSavesWeek, we encourage you to talk to your family members - from kids to older generations- about your money story, goals, the importance of saving, and using credit wisely. Here are some tips from our friends at America Saves: https://bit.ly/4arHI2P #ASW2024 #DutchPointCU #YourVisionOurGuidance

📚Parents, we want to hear from you! As we wrap up Credit Union Youth Month, what's one valuable lesson you've learned about teaching your kids to save money? 💡 Whether it's a clever savings hack, a meaningful conversation, or a surprising insight, share your wisdom with us in the comments below! Let's inspire each other to raise financially savvy kids together! #ParentingTips #FinancialLiteracy #ShareYourWisdom 💰

Whether you're an individual looking to enhance your financial habits or an organization interested in promoting financial literacy, America Saves Week provides a valuable opportunity to focus on the importance of saving and building a secure financial future. #save #financenews

Today is the 90th birthday of the Federal Credit Union Act. First signed into law by President Franklin Delano Roosevelt on June 26, 1934, the Act’s purpose was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions. The Act established the federal credit union system and created the predecessor to today’s National Credit Union Administration (NCUA), to charter and oversee federal credit unions. The nation’s credit unions continue to deliver on the mission. With more than $2.33 trillion in total assets held across 4,670 credit unions and 141 million member-owners, the network of credit unions is an important ecosystem to deliver credit and financial literacy to large swaths of the country that would otherwise struggle to find financial coverage. Olden Lane is proud of the work we do to support the mission of our credit union clients. We wish the industry a happy birthday 🎉 and look forward to the next 90 years!  #creditunion #creditunions #oldenlane #creditunionsrock #financeandeconomy