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U.S. Bancorp Community Development Corporation (USBCDC) – the community investment and tax credit division of U.S. Bank – is supporting the African-American Credit Union Coalition (AACUC) with a $150,000 grant.
The funding will support AACUC’s efforts to advance diversity, equity and inclusion in the credit union industry; promote financial inclusion for the unbanked and underbanked; and help close the racial wealth gap. The non-profit organization of African-American professionals and volunteers in the credit union industry is dedicated to increasing diversity through advocacy and professional development and collaborating with its members and supporters to provide equitable access to capital for underestimated communities and businesses.
“AACUC is proud to be selected as a key collaborator working in alignment with the U.S. Bank Access Commitment, supporting organizations and businesses led and owned by people of color, promoting financial inclusion, and building Black wealth,” said AACUC President and CEO Renée Sattiewhite. “This grant will directly support our Commitment to Change: Credit Unions United Against Racism Initiative, which implements transformative programs and technical assistance for both community-based organizations and Minority Depository Institutions (MDIs). Our role supporting under-resourced communities of color has increasing urgency to overcome the challenges of systemic racism along with the COVID-19 recovery.”
The grant is one of a variety of ways U.S. Bank is supporting MDIs and is a part of U.S. Bank Access Commitment, the bank’s long-term approach to help build wealth while redefining how the bank serves racially diverse communities and providing more opportunities for diverse employees.
“We are proud to partner with AACUC and its member organizations as we continue our efforts to close the racial wealth gap in the communities we serve,” said Phillip Sangokoya, USBCDC vice president and director of business impact integration. “Credit unions and other MDIs are critical to providing equitable access to capital for families, businesses and communities nationwide. We’re exploring a variety of other ways U.S. Bank can support them, in alignment with our focus on racial equity and access to capital strategies.”
USBCDC focuses on racial equity across its business by investing, lending and influencing capital in ways that advance economic opportunity for all and help close the racial wealth gap. This includes being intentional in the projects it invests in; the people and organizations it works with; and exploring new products and initiatives that support people of color and the communities where they live. USBCDC played an integral role in delivering on the bank’s June 2020 commitment to increase capital to Black-owned and -led business by $100 million annually in the wake of the murder of George Floyd. USBCDC provided more than $208 million in capital to these businesses and organizations between July 2020 and June 2021. Partnerships like this one with AACUC is an extension of that work.
Advocacy and professional development are primary ways AACUC increases diversity in the credit union industry. It offers paid internships providing growth and learning opportunities to students pursuing their undergraduate and graduate degrees and a mentorship program providing one-on-one career support for AACUC members. Creating jobs and opportunities for people of color within the credit union industry drives equitable and inclusive wealth building.
AACUC has over 800 credit union members that are driven to provide equitable access to capital for underestimated communities and businesses.
With $36.06 billion in tax credit equity committed as of Sept. 30, 2021, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and contribute to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable housing, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
Founded in 1999, AACUC has grown and is ever changing to meet the needs of the dynamic credit union community which it serves. It has become an all-encompassing organization for individuals (professional and volunteers) in Credit Unions, Insurance, Regulators, Consultants and other entities in the credit union industry. Affiliation with AACUC offers a unique opportunity to influence and shape the credit union movement and its governmental affairs. AACUC promotes personal and professional growth of its members as well as collectively articulating concerns and advocating resources to improve economic development of surrounding communities that are often under-served by majority financial institutions. In 2020, AACUC launched the Commitment to Change: Credit Unions United Against Racism initiative.
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