Lenders Warned They Risk Irrelevance If They're Not Inclusive

Many credit unions and banks have recognized the need for their leadership to reflect the diversity of their communities. But that’s only the first step.

Even lenders that have focused on diversity, equity and inclusion in their ranks may not have fully translated that into providing access to financial services to people who might be turned away by mainstream banks.

“The last new member that you signed up — can they walk out of your doors and go to the next bank or the next credit union and open an account? If that’s true, then what happened to the people that everybody else said ‘no’ to?” asked Víctor Corro, chair of the CU DEI Collective and CEO of Coopera Consulting. “Did you say ‘yes’ to somebody that somebody else has said ‘no’ to?”

It’s important to be welcoming to people who may have been turned away by traditional financial institutions, Corro said in a panel discussion on diversity, equity and inclusion at the Credit Union National Association’s governmental affairs conference this week in Washington.

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