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Minority Lenders Offer Crisis Support

CUs say outreach to members before a crisis is vital, as is keeping direct lines of communication open.

By Jim Duplessis | October 26, 2020 at 03:43 PM
Source: Shutterstock

When times are good, credit unions’ efforts to help minorities might be focused on finding a way to expand home ownership. Now, many are trying to find ways to keep minorities in their homes and keep their businesses afloat.

Among the credit unions dealing with the pandemic recession is Florida A&M Federal Credit Union (FAMU) of Tallahassee, Fla. ($22.9 million in assets, 3,169 members). It’s a Minority Depository Institution, a designation that requires that minorities account for more than half of a financial institution’s potential members, current members and board members.

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