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4 Ways to Bring More Growth Capital to Community Development Credit Unions

Hope Credit Union and Cnote officials discuss how rallying around partnerships can help close the racial wealth gap in the U.S.

By Pearl Wicks, Mary Bruce Alford and Stacy Zielinski | April 29, 2022 at 10:00 AM
income inequality Source: Shutterstock

Community Development Credit Unions (CDCUs) are on the front lines of closing the racial wealth gap in the United States – an accomplishment that could add an estimated $1.5 trillion to the economy, according to McKinsey & Company research. If CDCUs are to be successful with their unmatched ability to translate deposits into impact, they need to find innovative ways to connect with impact investments to facilitate the import of wealth into their communities.

CDCUs share a commitment to shrinking the racial wealth gap in our country and many are uniquely positioned to cultivate tangible impact in their communities. That’s because CDCUs are an inextricable part of their communities; their staffs reflect the surrounding demographics and their employees’ life experiences parallel those of their clients. In no way should limited availability of deposits hinder the opportunity for CDCUs to meet the needs of their communities.

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