Celebrate Black History Month with the Urban Upbound Federal Credit Union

by Stephanie Kalele, Donor Relations Manager

Communities in the United States have observed Black History Month every February for the past 45 years. The month-long celebration highlights Black achievements and their roles in the U.S. history in numerous ways, from virtual premieres of Black films and documentaries to virtual exhibitions commemorating the lives of Black families and their histories. Join us in honoring this month and participate in the financial inclusion of black families by banking Black with the Urban Upbound Federal Credit Union (UUFCU)!

There is a persistent wealth gap between Black and white American families. Federal Reserve data from 2016 showed that the median wealth for Black families was $17,600, while the amount for white families was $171,000. This gap is caused by various factors, including a lack of access to financial services. Urban Upbound has been at the forefront of the fight against poverty and in 2010 established the UUFCU, the first credit union to open in Queens in 30 years.

The UUFCU serves as an economic anchor for the predominantly Black and other BIPOC families of Queensbridge Houses, the largest public housing development in the country. The existence of the UUFCU helps ensure that as Long Island City continues to develop and grow, the benefits extend to all residents throughout the neighborhood.

By banking with and saving your money in the UUFCU, you help build wealth in this community, keeping neighborhood assets locally owned and controlled. The UUFCU offers services similar to banks, except we prioritize our member-owners’ needs over profit, for example having flexible loan policies. We have a mission to fight the wealth gap through our affordable and relevant financial services, as well as providing access to capital, asset-building vehicles, and ownership stakes for our members.

At Urban Upbound, we carry the spirit of Black History Month in our mission and through all our programs. Our free services are a hand up for low-income New Yorkers fighting to break cycles of poverty and achieve economic independence. Visit our website at UUFCU.org to learn more or go to this page to open an account online. You can also support our cause by donating here.