Credit Union for Returning Citizens – Letter of Support to National Credit Union Administration 
Discrimination in financial services is a significant problem for formerly incarcerated individuals, and especially impacts people of color, women, and the LGBTQ+ community. The lack of a valid form of identification, poor credit history, prior banking problems, or simply having a criminal past, can prevent people from opening even a basic bank account. As a result, millions of returning citizens are unbanked and credit invisible. An unwelcoming system forces people to rely on high cost, often predatory, non-bank alternatives, such as check cashers and payday lenders. Opportunities to save, build credit, and achieve long-term financial security are limited.

The mission of Diverge Proposed Federal Credit Union (PFCU) is to fill this gap by providing a financial home for returning citizens and their families. This not-for-profit financial institution will offer money management and credit counseling services, new account onboarding that accepts alternative forms of identification, access to affordable checking and credit builder accounts, and other low and no-cost mainstream financial services. Studies have shown that improved access to financial education and affordable banking services helps people create a path to financial well-being and economic mobility and also helps reduce recidivism (dobs.pa.gov). 

The National Credit Union Administration (NCUA) has granted its approval to the Diverge Organizing Members to move forward with a new credit union charter application. First Step Alliance and the Center for LGBTQ Economic Advancement & Research are the NCUA-approved Membership Associations for the Credit Union. 

We are now seeking support from mission-aligned organizations to help us open the doors to this groundbreaking financial cooperative. Your support will further demonstrate to NCUA leadership that there is widespread interest in starting a new credit union dedicated to improving the financial lives of returning citizens and their families.

Read the sign-on letter HERE


Thank you,

The Diverge PFCU Organizing Members


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This is a sign on form for organizations. By submitting this form your organization is agreeing that Diverge PFCU may use your organization's name/logo in it's list of community supporters on its website and in marketing materials. See a list of the organizations already supporting Diverge PFCU here: https://www.divergecu.org/support-us.

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Introducing Diverge Proposed Federal Credit Union 
Your name  *
Title *
Organization *
Email *
I am authorized to act on behalf of the above-named organization. *
Required
We support the formation of Diverge Proposed Federal Credit Union, a not-for-profit financial institution that will provide a financial home for returning citizens and their families, helping advance successful reentry and economic mobility.  *
Our organization will also consider making a deposit pledge to support Diverge Proposed Credit Union (i.e., opening an account with the credit union when it becomes operational. Credit union deposits are insured by the NCUA up to $250,000). 
 *
Please use this space to provide additional information or ask any questions. You can also contact us at info@firststepalliance.org 

Thank you for your support!
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