Wall Street Journal

 

How Financial Institutions Can Help America Heal

Financial tools to pay for education and build wealth should be more widely available.

By Rodney E. Hood

June 4, 2020 6:51 pm ET

When I was growing up in North Carolina, my father sat me down for “the talk” about how to behave should I ever find myself in an encounter with a police officer. He wanted me to understand the risks I could face as an African-American should such an encounter go the wrong way.

That was more than 30 years ago. Yet even now the risks my father warned about loom large for minorities in America, as demonstrated by George Floyd’s tragic and deadly Memorial Day encounter with a Minneapolis police officer. I am all too familiar with the heartbreak and pain that so many in the black community experience as they see such events play out repeatedly, and I understand the demand for change from peaceful protesters around the country.

But there’s nothing heartening in the emerging images of violence and property destruction. Violence and vandalism serve no constructive purpose.

President Trump appointed me the first African-American to lead a federal banking regulatory agency, the National Credit Union Administration—the independent agency that oversees the nation’s federally insured credit unions. Since I assumed the chairmanship last year, much of my focus has been on building and reinforcing places that have fallen behind, often in areas where opportunity is limited, like hard-pressed urban neighborhoods and rural communities fighting decline.

Healing begins with strengthening our commitment to diversity and inclusion. Diversity is important, but only if it’s more than simply “checking the right boxes.” Inclusion requires a deep commitment to cultural change. As vice chairman of the Federal Financial Institutions Examinations Council, a formal interagency body that makes recommendations to promote uniformity in the supervision of financial institutions, I have called upon regulators to make inclusion a major priority in the financial industry.

But the change must reach beyond government agencies. Private industry should support inclusive growth. In that regard, it has been encouraging to see so many bank and credit union leaders make supportive statements about diversity and inclusion.

I encourage financial leaders to bolster those statements with a strengthened commitment to community building through financial inclusion. This includes giving more working families access to tools that help them achieve financial independence, providing more young people with the educational and vocational training they need to succeed, and nurturing the material conditions that allow people to prosper and thrive. Each of these will help Americans build stronger communities and a healthier society.

And finally, let’s renew our commitment to having the difficult conversations about diversity, equity and inclusion needed to foster and nurture greater understanding. These aren’t controversial principles. They’re the forces that bring us together and serve as sources of enrichment, strength and unity.

Mr. Hood is chairman of the National Credit Union Administration.

 

https://www.wsj.com/articles/how-banks-can-help-america-heal-11591311103

IMPORTANT INFORMATION

We will be open Wednesday from 10:00 a.m. to 5:00 p.m. and will be ready to serve you.

Here are a few useful tips.

• Expect longer than normal delays at our drive ups over the next several days
• Our call center is receiving an extremely high call volume right now. Verify your deposit tomorrow using our mobile banking app, home banking or PAL.
• If you need cash, use our ATM during non-business hours to make withdrawals (up to $500 per day)

Plan ahead and give yourself some comfort by putting these funds to the best use possible.

• Anticipate upcoming expenses. Leave as much on deposit as you can to cover expenses for the next few months – groceries, mortgage/rent, utilities, car payments, insurance, healthcare and other basic needs
• Pay these expenses in advance when possible

Talk to us about opening a special savings account to set aside your stimulus check. This way it’s separate from your other funds and can be used over the next few months.

If you would like help budgeting your stimulus check, call the NCEC at 983-4766.

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Here are a few reasons to leave your money in your account:

• Your money is insured when it’s in the credit union. Natco Credit Union’s accounts are federally insured by the National Credit Union Administration up to $250,000 per account holder.
• No risk of losing the money. With your money in your account, you always know exactly where it is. When you take money out, there’s a chance that it will be lost or stolen.
• Money is covered in germs and bacteria. According to NYU’s Dirty Money Project, up to 3,000 different kinds of bacteria can live on a $1 bill. Instead, use your debit or credit cards, which can be cleaned with sanitary wipes. Contact us to request a Natco debit card or apply for a Natco REAL FREEDOM Visa card.

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