Why we need Equality Credit Union
“In 29 states, you can get married and be denied a home loan because of who you are, how you live and who you love,” says Phillip Endicott of the soon-to-be Equality Credit Union.
Meet Equality Credit Union
Phillip Endicott recognizes that as a member of the LGBTQ community, you may be afraid that existing banking institutions won’t understand you or your unique financial needs. Likewise, the right institution in the wrong state can cause our community just as much trouble.
Credit unions are financial cooperatives that serve the needs of a particular community, and Phillip is leveraging his 20-plus years in community development and organizational management to establish 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 to help the LGBTQ community help itself.
Together, Phillip and Cisco are raising the necessary resources to get Equality Credit Union on its feet. Today Phillip shares his inspiration for initiating the project, the products and services and LGBTQ credit union would provide, and how an institution like Equality Credit Union will reinvest in the community.
Cisco shares why an aggressive fundraising campaign is necessary to start Equality Credit Union. Listen to understand the power of Equality Credit Union and how you can help the cause!
Listen to Phillip and Ciscos on Queer Money™
Topics Covered about Equality Credit Union
Phillip’s inspiration to pursue Equality Credit Union
- Masters in technology
- Working with banking apps, big data
- Saw that LGBT community left behind
- Credit union member himself
- Researched economic condition of LGBT population
- Would allow for reinvesting in LGBT community
Why an LGBT credit union hasn’t already been established
- Very difficult process (especially for non-bankers)
- Highly regulated industry
- Phillip has spent four years and $60K of own money on project
- Charter must be approved by feds (prove need, resources)
- Needs support from individuals, other credit unions
How Cisco got involved
- Professional in industry
- Realized power of credit unions in college
- Started credit union for his university
- Engaged six financial institutions to provide infrastructure
- Currently CEO of Florist Federal Credit Union
- FFCU has unique charter (serves national market, anyone in floral industry)
- Perfect position, experience to help Equality Washington
- FFCU is donating $50K to establish LGBT credit union
Equality Credit Union’s fundraising goals
- Raise $350K by December 31st
- Make tax-deductible donations online
- Use money to reach out to civic, community leaders
- Determine needs of LGBT community
- Hire consultants to help with planning, budgeting
How Equality Credit Union will reinvest in the LGBT community
- Provide no-interest student loans
- Social service support (i.e.: homeless youth)
- Backing non-profits that serve LGBT community
- Give community ability to help itself
- Share info with other financial institutions who want to better serve LGBT community