—Barrington Williams, B1Daily

The National Credit Union Association (NCUA) granted a federal charter and National Credit Union Share Insurance Fund coverage to African Diaspora Federal Credit Union in St. Louis, Missouri last week.

The African Diaspora Federal Credit Union openly touts that it focuses primarily on “helping African entrepreneurs with financial literacy, personal loans and auto loans.” their mission statement reads.

The very same NCUA regularly ignores unfair lending practices carried out by white institutions like Navy Federal Credit Union against Black citizens, and the same organization responsible for harassing Black banks with needless regulations until they’re forced to close, the NCUA, is now granting a charter to a financial institution dedicated toward helping immigrants. 

The African Diaspora Credit Union funds the African Diaspora Council, a council in St. Louis, Missouri that focuses on “anyone with African heritage” but on their page as well as their board members list, it’s clear who this organization represents, and it’s not Freedmen.

Organizations like the African Diaspora Council attempt to take state and federal grants away from Freedmen owned institutions that America has an actual debt to.

Instead of the African Diaspora Council anchoring itself in an African or Caribbean economy, (which is nearly non-existent) organizations like it form in the US’s economy and take benefits meant to be allocated to the descendants of US Freedmen.

Nevermind the fact the institution focuses on providing loans to immigrants rather than Black Americans, and this is who the NCUA wants to grant charters to. 

Black Americans wouldn’t be allowed to go to Africa or the Caribbean, get resources over the nation’s own citizens, and be given favorable interest rates, insurance and other perks associated with being granted a charter.

Perhaps the Trump administration should take a look at the debauchery. 

—Barrington Williams, B1Daily