As a Black woman and the leader of the African-American Credit Union Coalition, my commemoration of the Fourth of July included a reading of the keynote address Frederick Douglass delivered on July 5,1852. In his address Mr. Douglass asks, “What to the slave is the Fourth of July?” and reminds the audience that the principles that the United States was founded on, did not apply to him and other African Americans. He further offers a sharp contrast in how the holiday is observed—whites, who were free, “may rejoice,” while he and enslaved African Americans “must mourn”.
Since Mr. Douglass’s address, many men and women worked and struggled relentlessly to abolish slavery, amend the Constitution, and enact civil rights legislation so that liberty, equality, and self-governance could apply to all Americans regardless of race, color, creed, gender, and orientation. There is certainly much left to do to achieve true racial justice, but an enormous amount of progress has been made since America declared independence in 1776, and since Mr. Douglass delivered his roaring address in 1852.
America’s ability to evolve and grow to meet the needs of its citizens, while adhering to its founding principles, is just one of the reasons the country is so remarkable. America’s most successful and prominent businesses, institutions, and organizations have followed suit and struck the delicate balance of staying true to their original ideals while adapting to the shifting needs of society.
Credit unions, one of America’s thriving institutions, have evolved and grown while continuing to center their founding principles of being not for profit, member-owned, and socially responsible. With a focus on those principles and a commitment to meet the needs of their members, credit unions have continuously innovated. Since the founding of the first credit union in America—St. Mary’s Cooperative Credit Association in 1909—credit unions have:
- Embraced technology with robust online banking systems.
- Expanded products to include various loan types, insurance options, and investments.
- Engaged members with digital tools and social media; and
- Strengthened their cybersecurity measures to respond to threats.
The innovation and ingenuity of credit unions have led them to be the best financial partner for Americans, and I am proud to be a part of the credit union system. However, there is more to be done. A 2023 survey found that 5.6 million American households were unbanked. And credit unions are working diligently to reach these households and provide them with the products and services that will support them in reaching their financial goals. So, on the Fourth of July—and every day—I am profoundly grateful for a country and an industry that centers the needs and ideals of the American people. Both America and its credit unions have shown a willingness to make the changes necessary to better serve their people.
We should certainly celebrate the Fourth of July holiday with the customary festivities, but I also encourage Americans to pause and reflect on how far we have come and commit to redouble our efforts to continue making progress.