#3122: Diverge Credit Union Prepping for Launch to Serve the Historically Unbanked...

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Lending Solutions

Starting a credit union is hard. Starting a credit union to serve the historically unbanked is even harder.

No one knows this scenario better than First Step Alliance's Founder, Board Member & Secretary Nancy Eiden and Margate Advisors Founder & Principal Consultant Tom O’Shea, as they are in the process of launching Diverge Proposed Federal Credit Union — a financial home for historically unbanked people and their families.

In particular, Diverge will serve formerly incarcerated individuals and their families through improved access to financial education and mainstream banking services. This population has traditionally experienced many hurdles successfully re-entering society -- especially in the finance area.

Nancy and Tom have dedicated their time and efforts to reversing this trend with Diverge and both joined us to share the latest update regarding the credit union's long road to opening and assisting this group.

They both talked about how the credit union will address fair banking -- or the lack of it many cases, as well as how the NCUA and other supporting organizations (Corelation, Bonifii, Dora, etc.) have come to their aid and providing them with their services and technology to help in the process.

Lastly, Tom and Nancy talk about their goals and what they would like to achieve with Diverge. In the meantime, they are always looking for assistance and support from other organizations and credit unions in the many moving parts that it takes to launch a credit union today.

If you or your organization (credit union, league, association, etc.) would like to support Diverge, here is a Letter/Pledge of Support: https://forms.gle/7rooM94aKrKqEYHP8.

To donate funds to support this initiative, visit:  https://www.divergecu.org/donate

Check it out and let us know your thoughts. And be sure to watch the entire interview below for all the details.