Why we need Equality Credit Union
“In 29 states, yYou can get married and be denied a home loan based on your personality, lifestyle and lovesays Phillip Endicott of the future Equality Credit Union.
Get to know Equality Credit Union
Phillip Endicott understands that as a member of the LGBTQ community, you may be concerned that existing banking institutions do not understand you or your individual financial needs. Likewise, the right institution in the wrong state can cause just as much trouble to our community.
Credit unions are financial cooperatives that serve the needs of a specific community, and Phillip is using his 20+ years of experience in community development and organizational management to create an Equality Credit Union for the queer community. Currently, as President and Founder of Equality Washington, Phillip has enlisted the help of industry leader Cisco Smith, President and CEO of Florist Federal Credit Union, to design and build Equality Credit Union’s service to the LGBTQ community itself.
Together, Phillip and Cisco gather the necessary resources to get Equality Credit Union off the ground. Today, Phillip shares his inspiration for initiating the project, the products and services the LGBTQ credit union would offer, and how an institution like Equality Credit Union will reinvest in the community.
Cisco explains why an aggressive fundraising campaign is necessary to create Equality Credit Union. Listen to understand the power of Equality Credit Union and how you can help the cause!
Equality Credit Union Topics Covered
Phillips’ inspiration to pursue Equality Credit Union
- Master in Technology
- Working with banking apps, big data
- Saw that the LGBT community was left behind
- He is a member of a credit union himself
- Examined economic situation of the LGBT population
- Would allow for reinvestment in the LGBT community
Why there isn’t an LGBT credit union yet
- Very difficult process (especially for non-bankers)
- Highly regulated industry
- Phillip invested four years and $60,000 of his own money into the project
- The charter must be approved by the government (demonstrate need, demonstrate resources)
- Requires support from individuals and other credit unions
How Cisco got involved
- Professional in the industry
- Recognized power of credit unions in college
- He started a credit union for his university
- Commissioned six financial institutions to provide infrastructure
- Currently CEO of Florist Federal Credit Union
- FFCU has a unique charter (serves the national market, everyone in the floral industry)
- Perfect position and experience to help Equality Washington
- FFCU donates $50,000 to start an LGBT credit union
Equality Credit Union’s fundraising goals
- Raise $350,000 by December 31stst
- Make tax-deductible donations online
- Use money to reach civic and community leaders
- Identify the needs of the LGBT community
- Hire consultants to help you plan and budget
How Equality Credit Union will reinvest in the LGBT community
- Offer interest-free student loans
- Support from social services (e.g. homeless youth)
- Supporting nonprofit organizations that serve the LGBT community
- Give the community the opportunity to help themselves
- Share information with other financial institutions that want to better serve the LGBT community