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Diversity in the Raw

Put DEI & Compliance Heads Together to Advance Financial Inclusion

Strong collaboration between the two is crucial to the success of any endeavor that seeks to do things differently.

By Erin O’Hern and Victor Miguel Corro | May 10, 2021 at 03:05 PM
Source: AdobeStock

While financial inclusion has been an organizational imperative for credit unions since the industry’s inception, more strategic attempts at bringing diverse members into the banking mainstream are taking root across the movement. Many market realities are driving a renewed sense of purpose around this imperative, not the least of which are the ongoing economic pains of ­COVID-19.

It’s not uncommon for financial inclusion programs to get stalled by the perception of too much risk and compliance barriers. It’s human nature to protect from the unknown. Culturally in the U.S., people are cautioned against talking about tough topics, like income, politics and religion, which can also be a hinderance to advancing financial inclusion strategies. After all, if we cannot even talk about it, how can we get deeply into it?

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