By putting younger, more diverse talent in executive roles, CEOs of institutions such as Kaua'i Federal Credit Union in Hawaii and OnPath Federal Credit Union in Louisiana are taking steps to better represent the communities they serve.
Banks and credit unions that use Individual Taxpayer Identification Numbers to onboard customers without Social Security numbers are seeing sizable growth in loans and deposits from people who might otherwise be unbanked.
Credit unions and banks need to ask themselves if they're finding ways to say "yes" to consumers who too often hear "no" from mainstream institutions. Otherwise, they perpetuate a system that excludes the poor and people of color and drive them toward nonbanks, said Pablo DeFilippi of Inclusiv Network and other experts.