The African American Credit Union Coalition (AACUC) has signed Fiserv as its newest corporate partner.
AACUC states its mission as an organisation is to boost the cause of credit unions globally, with particular focus on African American credit unions and professionals.
The group has four regional chapters focused on different geographic areas of the US. It also runs a series of committees on governance, advocacy, funding, and internship.
Fiserv says it will work with the coalition to identify “specific research, analytics or technology needs” of member credit unions.
Renée Sattiewhite, AACUC president and chief executive officer, says the partnership will help its members “support their people and communities”.
She adds: “As a year that has galvanised support for the African-American community comes to a close, we are looking toward the future along with organisations like Fiserv.”
As part of the deal, Fiserv is making a monetary donation. It will also “champion events and initiatives” run by the AACUC.
“Fiserv works with credit unions of all sizes and charters. [This includes] many institutions focused on specific segments and underbanked communities,” says Derek Everett, general manager of Credit Union Solutions at Fiserv.
“Our team is looking forward to strengthening existing relationships and forging new ones with the diverse communities.”
The Federal Deposit Insurance Corporation (FDIC) in the US is working on an investment fund of up to $1 billion for equity investments into banks serving communities of colour.
According to the regulator, there are only 21 remaining African American Minority Depository Institutions in the US. The number has halved since 2002.
Technology companies have made similar moves. Netflix deposited $10 million in Hope Credit Union, while PayPal shifted $50 million into Optus Bank, a Black-owned bank in South Carolina.
On the more local level, Rapper and activist Michael “Killer Mike” Render recently announced the launch of neobank Greenwood.
Named for the neighbourhood containing Tulsa’s “Black Wall Street”, it claims to have accrued more than 100,000 sign ups.