DALLAS — One of Dr. Martin Luther King Jr.'s many messages of empowerment centered on the pooling of economic resources through various cooperatives such as credit unions as a way to uplift communities.
That idea along with King's mission of equality was the impetus behind the Texas Credit Union League making a $10,000 donation towards the fundraising campaign run by the Martin Luther King Jr. National Memorial Project Foundation. The memorial, the first to honor an African-American on the National Mall in Washington, will be situated adjacent to the Franklin Delano Roosevelt Memorial and in a direct line between the Lincoln and Jefferson Memorials. The groundbreaking took place on Nov. 13, 2006 and the memorial is scheduled to be completed in 2009. So far, $82 million of the $100 million needed to build the memorial has been raised, according to the foundation, www.buildthedream.org.
For the past year, the African-American Credit Union Coalition has been in the midst of a fundraising campaign within the credit union industry to raise $2 million towards the memorial. A number of credit unions, leagues and vendors have stepped up to raise nearly $1 million, according to Hubert Hoosman, AACUC funding chairperson and president/CEO of $508 million Vantage Credit Union.
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Dick Ensweiler, president/CEO of the Texas Credit Union League, said King's message of financial prosperity is one shared by the credit union movement.
"He shared his dreams and he gave us hope. Credit unions have the same purpose in the financial aspects of people's lives," Ensweiler said. "We work with members to understand them and capture their dreams, and then provide financial education and focused products that are fairly priced to establish the path that leads to the fulfillment of the dreams."
In late August, Hoosman issued a challenge to all the state leagues to encourage credit unions to contribute to the memorial fundraising campaign. Texas came to the plate "in a big way" and at least four other leagues are currently in talks to help out, he said. In April, the American Association of Credit Union Leagues donated $15,000 to the campaign.
"I understand a lot of credit unions have a tight bottom line right now," Hoosman acknowledged, "but once [they] explain it to the board and [the board] understands the magnitude, they're stepping up to the plate."
Hoosman said he has also called on credit unions with $1 billion or more in assets to donate $50,000 each.
"If we get 20 of them, we'll reach $2 million, said Hoosman with optimism
in his voice.
The entertainment industry has also come together to help raise money. Viacom is sponsoring "The Dream Concert" at Radio City Music Hall on Sept. 18. Performers include Garth Brooks, Stevie Wonder, Carlos Santana, Aretha Franklin, Queen Latifah, Robin Thicke, Bebe Winans, Cece Winans, John Legend and Jessye Norman.
Meanwhile, Ensweiler said the foundation's statement that King "championed a movement for freedom, opportunity and justice" and "His vision of America is captured in his message of hope and the possibility for a future anchored in dignity, sensitivity and mutual respect" is instep with the credit union industry's philosophy.
"Those goals reflect ours, making this contribution a natural extension of our commitment to his vision," Ensweiler said.
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