Credit union groups decry racism toward Asian Americans

Credit union groups are joining the chorus condemning anti-Asian violence following a series of murders murder this week at three Atlanta massage parlors. Eight people were killed, six of whom were Asian American women.

Inclusiv, a network of community development credit unions, said in a statement Thursday the group “unequivocally condemns violence directed at Asian Americans and Pacific Islanders,” noting that incidents of violence and hate directed at Asian Americans have increased by 150% since the pandemic began last year.

“Inclusiv stands with our AAPI and BIPOC partners and allies in solidarity against racism,” the statement said. “We need to actively work to address systemic bias and discrimination every day, dismantling racism within our own families, our friends, our neighbors, our colleagues, and our larger communities to begin putting an end to the enduring and powerful mechanisms of hate and prejudice that persists in our country.”

The Credit Union National Association released a statement on Twitter rejecting “all forms of racism, hate and violence” directed at Asian Americans and Pacific Islanders.

“Our nation is stronger when we are united,” the trade group continued. “CUNA believes firmly in building a more inclusive future for all.”

The outcry from credit union groups comes as leaders of some of the nation’s largest banks are making similar statements following the Atlanta attacks.

At the same time, credit unions have spent the last few years engaged in a conversation about how to diversify the industry. From both a membership and employment perspective, American credit unions are overwhelmingly white, though CUNA Mutual Group offers an Asian American Professionals Network for those working within the industry.

There are some U.S.-based institutions, such as National JACL Credit Union in Salt Lake City, that focus on serving Asian American consumers, and a few years ago a group attempted to charter a new credit union to serve Bangladeshi immigrants.

Even if Asian Americans aren’t widely represented at American credit unions, the movement is growing overseas. There were more than 33,000 credit unions in 24 Asian countries serving nearly 65 million members in 2019, according to data from the World Council of Credit Unions, a 51% increase in the number of institutions compared with 2010 figures and a 71% increase in membership.