It is estimated that being unbanked costs an individual $3,000 a year in exorbitant fees and payday loans, while missing out on the opportunity to build a positive credit score that’s made possible by access to mainstream financial services. This financial inequity disproportionately affects people who are younger, poorer and of color. The Community Good Episcopal Federal Credit Union seeks to change this by offering banking services, affordable loans and financial wellness seminars and counseling, particularly to people who are marginalized and unbanked.

The financial hardship endured by economically marginalized families is exacerbated by geographic isolation, a lack of political power, a lack of resources and a lack of opportunities to generate income. For those who are recent immigrants, especially non-English-speaking individuals, there is also a vulnerability in the educational, health care, criminal justice and political systems. All of this leads to an ongoing oppression, in which people are surviving rather than thriving. RMM is committed to creating an alternative economic structure in rural New York by providing access to financial self-sustainability for these individuals.

Our work in partnering to establish the Community Good Episcopal Federal Credit Union in rural New York is part of RMM’s overall commitment to financial equity and opportunity throughout the four regions of New York housing RMM’s Worker Education Centers. This commitment also includes: 

• The development of financial literacy and cooperative leadership through our Rural Academy of the People.
• The support of the establishment of grassroots cooperatives. Currently, RMM is partnering with the following cooperatives:  the Long Island Farmworker Cooperative, which grows and markets fruits and vegetables in Riverhead, Long Island; Bags for Justice, a youth-owned cooperative that produces screen-printed tote bags and apparel in the Catskills; and Las Chefs Latinas, a women-owned cooking cooperative based in the Finger Lakes. 

Through our commitment to standing with marginalized families, RMM works to develop creative solutions that model new approaches to systemically entrenched problems.