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Change Makers Interview: Mike Schenk
Mike Schenk has more than 35 years of experience in the financial services industry. In 1992, he joined the Credit Union National Association (CUNA), which is the largest and most influential trade association advocating for credit unions in the country. Today, Mike is both CUNA’s Deputy Chief Advocacy Officer for Policy Analysis and CUNA’s Chief…
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Why Deposits Are Crucial Right Now
There is a frightening issue for many community-minded financial institutions across the country and the under-resourced communities they serve: a lack of deposits at their local banks and credit unions. Depository institutions like banks and credit unions take in funds—called deposits—from those with money, pool them, and lend them to those who need funds in…
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New Covenant Dominion Credit Union’s Small Staff Has Big Dreams For The Bronx—And Beyond
Since New Covenant Dominion Credit Union came to life in 2007, Rachel Macarthy has worn many different hats. She served as one of the credit union’s founding board members, and in 2019, she stepped in as the organization’s acting CEO. Despite becoming the permanent CEO in 2021, Rachel has done everything from working as a…
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Meet Chung H Lee, The Small Business Owner Helping New York Metro’s Graying Residents Age In Place
It was 2014, and Chung was tired of traveling for work. The business consultant’s job required him to travel around the globe, but Chung was tired of sitting in airports and sleeping in hotels. He wanted to work closer to home and be able to spend more time with his kids. Armed with years of…
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Innovating pathways to wealth creation for women of color entrepreneurs: a Wisdom Fund update
Co-authored by CNote’s VP of Business Development, Danielle Burns and CNote’s Director of Impact Evaluation, Tamra Thetford. Women of color (WOC) entrepreneurs continue to face intersectional and systemic barriers — such as discrimination, bias, and a lack of networks — that limit their access to capital. Business ownership is a powerful wealth-building tool, and supporting…
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How Opportunities Credit Union Is Setting Up Itself—And Its Community—For Financial Success
From a young age, Kate Laud dreamed about someday being a CEO. At Dartmouth, Kate was an English major who liked numbers, and her father encouraged her to aspire to “run something interesting” one day. Although that advice didn’t narrow down Kate’s list of possible career trajectories, over the years, her ambition to eventually lead…
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A Bright Future Ahead: Why Impact Investing Matters in 2023
What is Impact Investing? Before we dive into why impact investing is so important for the coming year and beyond, let’s quickly define what it actually means. Impact investing is an investment strategy that focuses on generating measurable social or environmental impact alongside financial returns. This could mean anything from investing in renewable energy projects…
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How First Southwest Bank Is Helping Community Banks Become Better Banks
In 2013, Kent Curtis had a question to answer. As the president and CEO of First Southwest Bank, he wanted to know which direction to steer the financial institution, which has served the San Luis Valley for more than 100 years. Colorado has three persistent poverty counties, and First Southwest Bank is located in the…
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How One Detroit Credit Union is Giving its Members a Second Chance
Catherine Dorsey had always dreamed of becoming a nurse. In 2016, the Detroit resident took a step closer to fulfilling her dream by beginning medical school in Ohio. And while she worked through the demanding courses, another difficulty materialized: her rapidly accumulating bills. In order to pay for her medical school loans, car loans, and…
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How Chicago Community Loan Fund Is Filling Lending Gaps To Grow Wealth
When Wendell Harris found himself out of a job in 2013, he wasn’t exactly sure where he was going to land within the world of banking and real estate. Fortunately, Robert Rose, one of Wendell’s former bosses, heard that he wasn’t working. At the time, Robert was in a leadership role at Chicago Community Loan…
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