Frank Gargano

Tom Smith will step down as president and chief executive in May 2023. Smith joined the credit union in 2008 as chief lending officer.

The Morning Star Federal Credit Union in Montana is expected to begin operations sometime in 2023, according to the National Credit Union Administration.

Organizing relief initiatives for Ukraine, launching charities for children's hospitals and growing an institution to more than $4 billion of assets are benchmarks in Foulke's more than 45-year career.

Through lending programs, financial coaching and hiring practices tailored for inclusion, these CEOs provided crucial services to underserved communities.

The National Credit Union Administration found that O.F. Toalston Federal Credit Union and Mingo County Education Federal Credit Union — which were placed into conservatorship last month — would never regain sustainable operations.

Simpler and more inclusive application processes are helping these lenders address the pain points that underserved borrowers encounter at other institutions.

Anderson, who has held leadership positions at Equifax, Wells Fargo and American Express, will succeed longtime CEO Benson Porter on Dec. 5.

There are more cost-effective ways for even small institutions to analyze data and connect with underserved and niche communities, according to a panel of experts during an NCUA event on financial inclusion.

Renée Sattiewhite has played a key role in the African American Credit Union Coalition for more than 20 years. "For me, if credit unions do not embrace DEI, they will die," she said.

When credit union leaders are open to feedback from members and employees of many backgrounds, they can strengthen workplace morale and attract new customers, inclusion advocates say.