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 on credit diversification, Elan said in a statement. release emailed to PYMNTS.
The partnership will mean more resources for AACUC, to help continue its mission of closing the racial gap in credit.
“Like the hundreds of credit unions we serve across the country, Elan Advisory Services supports and shares AACUC’s engagement for change mission,” said Vice President and General Manager of Elan Advisory Services (a division of Elan Financial Services) and Managing Director Matt Good. “We are thrilled and proud to be a corporate partner of AACUC and look forward to working with AACUC and the credit union industry as we all continue to draw our strength from diversity. “
The work ACCUC is doing to eliminate racial disparities includes addressing wealth equity in communities of color as well as developing a model that will help build partnerships in diverse communities.
AACUC President and CEO Renée Sattiewhite said the partnership with the company “will help raise awareness and work with member credit unions and their communities to close the wealth gap.” , according to the press release.
Another recent attempt to tackle racial inequalities in the corporate world has come from JPMorgan Chase, which in February launched a new investment product specifically designed to generate more revenue for member-owned companies. black community.
Brian Lamb, global head of diversity and inclusion at JP Morgan Chase, said the money would be used to help businesses thrive in the communities they want to serve.
The product encompasses a specific class of shares in the bank’s money market funds, which will be distributed by the Harbor Bank of Maryland, Liberty Bank and Trust, M&F Bank and Unity National Bank, according to PYMNTS reports.