SAN ANTONIO — Rep. Henry Cuellar (D-Texas) is doing his part to ensure that credit unions are serving the underserved.
The legislator recently introduced language in H.R. 5576 to allocate $150,000 in federal appropriations for the $1.5 million credit union. Chartered in 1966, Mount Zion CU serves more than 350 members. The funding would be used to expand operations by opening a facility for the exclusive use by the credit union and to hire a full-time manager.
"I strongly believe that economic development begins at the local level," Cuellar said. "By helping local institutions, we create the building blocks for future development and success. "My goal is to ensure that grassroots leaders can compete on an equal footing for federal dollars, receive greater private support, and face fewer bureaucratic barriers."
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Cuellar said he is hoping the funding process will be approved by October, the start of the state's next fiscal year. Depending on how fast it can be approved, he anticipates the credit union having the funding by year-end or early 2007.
Rev. Claude Black, a San Antonio civil rights leader and former pastor of Mount Zion Baptist Church, said, "The residents of Southeast San Antonio have long relied on Mount Zion for inspiration, guidance, and valuable community services. Through Mount Zion Credit Union, many people have received financial assistance they couldn't find anywhere else."
The credit union has a low-income designation, with 62% of its members below the median poverty level, according to Cuellar, who is a member of the House Budget and Agriculture committees. Cuellar said East San Antonio, a predominantly African-American community, is ripe for economic development. Mount Zion Credit Union's ability to offer loans to make that development happen has been a strong measure. "We are working [with the credit union] to make it happen," Cuellar said. "We still have a way to go but the community can be successful." Cuellar said credit unions that serve underserved communities are "extremely important" and he considers himself a "strong supporter" of the movement.
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