Title: The Role of Credit Unions in Fostering Financial Inclusion and Empowering Local Communities. In the pursuit of economic equity, fostering financial inclusion and empowering local communities emerges as a fundamental imperative. Credit unions, as cooperative financial institutions, play a pivotal role in this endeavor, embodying principles of community-driven progress and member-centric service. This essay delves into the multifaceted role of credit unions in cultivating financial inclusion and empowering communities, shedding light on their profound impact on economic resilience and social cohesion. Credit unions prioritize accessibility, transcending barriers that often marginalize underserved populations from mainstream financial systems. Unlike traditional banks driven by profit imperatives, credit unions tailor their services to meet the needs of members, offering affordable financial products and services. Through strategically located branches and digital platforms, they extend access to communities where traditional banking infrastructure may be lacking or unattainable. By embracing a member-centric philosophy, credit unions …show more content…
Specialized loan programs for small businesses and microfinance initiatives for aspiring entrepreneurs exemplify the power of localized finance in driving economic inclusion and opportunity. Beyond transactions, credit unions serve as bastions of financial education, equipping individuals with the knowledge and skills necessary to navigate complex financial landscapes confidently. Through educational programs, workshops, and one-on-one counseling, we empower members to make informed financial decisions, from budgeting to investment planning. By fostering financial literacy and empowerment, credit unions lay the groundwork for long-term economic resilience and
As a means to assist small businesses during the recession, the current US administration proposed to increase the loan size cap for standard CDC/504 and 7(a) loans to $5 million. A similar proposal ...
Through the use of statistics, expert testimony, appeals to emotions, and a few comparisons, Scurlock tries to convey his message, saying that because the lending industry’s main concern is maximizing profits, they have made it impossible to not have a credit card and avoid being taken advantage of. He accomplishes his goal of clearly relaying his argument to the audience with the high amount of credible support he provides.
I believe that every citizen deserves good healthcare services regardless of his or her geographical area, income, or race. An underserved community is a community in which people are unable to obtain health care or have limited access to the health care system for different of reasons. These reasons include ethnic background, socioeconomic variables, lower salary in some areas, extreme weather, or other life circumstances that produces an uneven distribution of healthcare resources, including nurses. The individuals in underserved communities lack affordable comprehensive health insurance, have gaps in insurance, or are living in remote areas and unable to access care. Additionally, the lack of basic necessities such as money for food, medications,
Putnam, Robert D. 1993b. The Prosperous Community: Social Capital and Public Life. American Prospect 13: 35-42.
In 2008, the U.S economy went through the “Great Recession,” possibly as a result of inappropriate and ineffective regulation in the banking system, causing Lehman Brothers to file for bankruptcy. There was a large debt and housing bubble which resulted in plummeting real estate prices and financial securities. Peter D. Schiff’s “How an Economy Grows and Why it Crashes” uses comic illustrations and a simple storyline to teach readers about how the 2008 recession came about and how the U.S tried to relieve it using the ideas of credit, savings, and other economic concepts.
Since poverty affects a wide array of people, poverty has evolved into a very complex issue. And even though the government has passed legislature to try to ameliorate the situation, many of these means-tested measures like food stamps, have only been able to help the surface of poverty and fails to rip out the long roots poverty has grown throughout history. Poverty’s deep effects are seen especially in minorities as they struggle much more to leave a current situation that has been created by historical process. Even though government assistance like food stamps do help alleviate some of poverty’s burden, these measures fail to recognize the reality that many of the impoverished minority have undervalued homes or no homes at all and even if they can rent, that rent can be high enough to take up more than fifty-percent of their paychecks. Overall, poverty in America is a vastly complicated issue rooted throughout history. And even though the government has attempted to pass legislature to help provide relief from poverty, America still has yet to provide measures that target the roots of poverty and until then, the government assistance it does provide will only be superficial and fail to provide long-term solutions to a complicated
Graduate Research Paper: Credit Unions in the Financial Market Literature Review Knowing the history of credit unions and how they were originally structured, it is important to understand where credit unions will be going in the future. It is anticipated that there will be less than 3,000 credit unions in the next 25 years. This is down considerably compared to the more than 6,000 existing credit unions in 2015 (Strozniak, 2015). Competition for credit unions will continue to be other financial institutions and financial services providers, but there will also be competitors entering the market, such as peer-to-peer lenders and other fintech start-ups that will begin to take over some of the existing credit union market space (Strozniak, 2015). Consumer lending is a core line of business for credit unions and in addition to traditional competition, sophisticated start-ups are starting to impact the market in terms of unsecured loans, mortgages and business loans (Strozniak, 2015).
“Temporary Assistance to Needy Families.” Everyday Finance: Economics, Personal money management, and Entrepreneurship. Vol. 2. Detroit: Gale 2008. 514-516. Gale Virtual Reference Library. Web. 28 Sept. 2015
Parents may not feel comfortable enough with their own financial situation to discuss personal finance with their children (Williams, 2009). Additionally, the parents, or other influencers, may not have a full grasp of certain concepts of financial literacy. In an article by Carlin and Robinson (2010) it was noted that “many retirement-age adults lack the financial literacy to understand the basic features of their retirement plans.” Financial literacy through socialization and practice may not be enough for students; whether it be “disadvantaged” youths who often lack a high quality of life at home, or youths whose parents have stable jobs with retirement
The Importance of Community College In the article “Two Years Are Better Than Four,” Liz Addison claims that community colleges give students the opportunity to begin with the belief that anything is achievable by merely following all the steps provided. Community college tuition fees are very affordable for students compared to four years college where students have to get huge amount of loans to pay for tuition. Addison also stated how important community college is to students that didn’t finish high school. Community colleges allow students to start or continue their education.
Many government and community organizations have worked to fill the need of its citizens through social welfare programs. In fact, the American welfare system was designed to benefit impoverished Americans or those affected by serious medical problems (Wikimedia, 2013). These important welfare systems among others have helped shape the American economy. In creating programs that encourage (or lawfully force) candidates to seek employment after a period, promotes economic growth and development. In the U.S there are two prominent social welfare programs: Social Security and Medicare (Krugman, 2007). These two programs have helped many Americans become secure in basic necessities such as healthcare, food and shelter. In order for change to come, there must be a need; where there is a need there is a community. In order for the welfare system to function and grow, important community organizing can be central to the birth of such systems. We will discuss how welfare systems aid, as well as how community organizing has helped bring about change in the welfare system.
When we think about race and poverty in terms of the shared values and linked fate of our people, our approach to politics as well as policy should begin to change. Instead of balancing a list of constituencies and identity groups, our task as a community becomes one of moving forward together as a diverse but cohesive community, addressing through unity the forces that have often divided us as a
...ment and the people, more Americans can see the equality promised them: equality of opportunity. Only through community, meaning effort from both citizens and government, can inequality be resolved. No one-sided approach can rectify a situation that envelops all of society. Government must set aside partisanship in order to produce targeted legislation that addresses the declining transportation, education, and economic infrastructure. Meanwhile, the community must realign their ideals and realize that together these problems can be solved. However, as long as materialism and overt individualism dominate the community and dysfunction and gridlock have a foothold in government, the schism between rich and poor will continue to grow. The two sides will “live increasingly separate lives” (Sandel), and the goal of economic equality slips father and farther from repair.
Should the most selfish elite individual take heed and meditate on the ideology behind community, he/she may awaken to the fact that many persons looking after one person has more advantages and a better survival rate than one trying to preserve one. The needs of the one will never outweigh the needs of the collective group. In the end individuality inevitably leads to self-destruction; therefore, commitment to community is a requirement for contemporary Americans and vital to its survival.
According to Payne (2005), other theories have utilized community development as “a process of assimilating oppressed, resource-poor communities into the… model of success”. Studies have proven that these community-based interventions, which the attention is based on the strengths of community and the individuals, are more effective in highlighting the needs than individual intervention (Mendes, 2008). Community Development Theory highlights the importance of addressing issues at the community level as opposed to an individual level and how this leads to the necessity of available communal