Credit card issuer Elan is now the newest member of the African American Credit Union Coalition (AACUC), a nonprofit organization of African American professionals working to diversify credit, Elan announced in a Monday (July 12) press release emailed to PYMNTS.
The partnership will mean more resources for AACUC, to help to further its mission of closing the racial gap in credit.
“Similar to the hundreds of credit unions we serve throughout the nation, Elan Advisory Services supports and shares the Commitment to Change mission of the AACUC,” said Elan Advisory Services (a division of Elan Financial Services) SVP and General Manager Matt Good. “We are excited and proud to be a corporate partner of the AACUC and look forward to working with the AACUC and the credit union industry as we all continue to draw strength from diversity.”
The work ACCUC is doing to close racial disparities includes addressing wealth equity in communities of color as well as working toward a model that will help build partnerships in diverse communities.
AACUC President and Chief Executive Officer Renée Sattiewhite said the corporate partnership “will help in our outreach and work with member credit unions and their communities to close the wealth gap,” according to the press release.
Another recent attempt to address racial inequality in the corporate world came from JPMorgan Chase, which in February launched a new investment product specifically geared to make more revenue streams for the businesses owned by members of the Black community.
Brian Lamb, global head of Diversity and Inclusion at J.P. Morgan Chase, said the money would go toward driving prosperity for businesses in the communities they want to serve.
The product encompasses a specific class of shares across the bank’s money market funds, to be distributed by the The Harbor Bank of Maryland, Liberty Bank and Trust, M&F Bank and Unity National Bank, PYMNTS reports.
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