Something is happening, something big, when it comes to the US and race relations and this is making itself felt in financial services.
That’s the strong opinion of Victor Miguel Corro, CEO of Coopera, a consulting firm – started with support from the Iowa Credit Union League – that helps credit unions meet the needs of Hispanic consumers.
That market is huge. In less than thirty years, one in three US consumers will be Hispanic, said Corro. Right now, Hispanics are about 15% of the US population.
But this conversation is about still more – the founding of the CU DEI Collective, by some 15 credit union related organizations, including CUNA, CUNA Mutual, Filene. The organization explains its purpose: “The CU Diversity, Equity and Inclusion Collective is an expanding group being formed within the Credit Union Movement devoted to furthering DEI, a shared cooperative principle. We believe that diversity, equity, and inclusion is good business and is fundamental to a vibrant, relevant and growing Credit Union Movement.”
Corro was in on the founding. Several additional podcasts with other credit union people are in the works and will post as we continue our coverage of what may be the other huge issue now confronting credit unions (Covid-19 of course is the other).
A credit union disconnect, said Corro, is despite the expanding multicultural character of US society, 90% of credit union board and c-suite positions are filled by non Hispanic whites.
But the credit union board, and its executive team, to succeed have to look more like the communities they serve, said Corro.
This is an expansive conversation. The foundation is Corro’s belief that, for a credit union, a multicultural tilt is not simpy a good thing to do, it also is good business. It’s a way to stay relevant in a society that is changing its face.
Regular listeners will recall Corro from an early podcast, #17. Catch up with it here.
A related podcast is with Cathie Mahon, CEO of Inclusiv, the association of community development credit unions. Hear her here.
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