The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

SLCCU An Instigating Force In Creating Social Justice

On June 11th, 2012, posted in: Uncategorized by

Well, we did it!  The St. Louis Community CU Foundation officially opened the doors of our financial literacy center (aptly named the CU Excel Center) on June 4th.  This is a big deal.  To our knowledge, it is the first of its kind in the community – and certainly the first in the region to be a collaborative effort by and between a bank and a credit union.

St. Louis Community Credit Union feels strongly about the fact that, without financial literacy and cost-effective financial services being available to the community, the economic stability of our region is diminished.  Rather than just talk about it, we’ve been doing something about it for years.  And now the crown jewel of our efforts has come to fruition in order that we can do even more.  Many in our community will now receive a variety of education to increase their standard of living and better their lifestyle.  And when we’re done teaching, we have products, services and pricing that meets the needs of those trying to better themselves.

The bottom line is that SLCCU, in many regards, is an instigator.  We’re the pebble in the shoe, or the sand in the oyster.  The fact is that we weren’t happy five years ago with the “unbanked” status quo.  So our financial literacy efforts and products to the underserved initiatives hit their stride in earnest.  A community in need demanded our attention.

Yes, we’ve made progress, but there is much, much more to do.  The need is bigger than our resources, so it is imperative that many join our efforts.  We pledge to remain an instigating force in creating social justice by providing financial education and financial capability to communities that are historically left out of the discussion of economic stabilization and growth.

Note the teaming of “financial education with financial capability.”  Education without capability is, well, like peanut butter without chocolate – good, but not as good as it could be.  It’s a sexy topic for the financial services industry to purport to provide financial education, but what happens after the learning session is concluded?  Do they offer products and services to serve the underserved or unbanked? Too many are willing to tell the community what to do to improve their respective situation(s), but a rare few actually design deliverables capable of propping up their financial position.  High-priced checking accounts; lending policies that serve only the prime borrower; high minimum balances on investment instruments; and expensive fee structures on transaction-related products and services – they all do our fellow citizens that find themselves mired in the lower socio-economic strata of our community absolutely no good at all.

It’s why the CU Foundation, Carrollton Bank and the Credit Union feel so passionate about our charge.  Social justice comes in a variety of flavors – peanut butter and chocolate come to mind.

No Responses to “SLCCU An Instigating Force In Creating Social Justice”

Leave a Reply