What we know as “the market” would not exist without credit. Once, getting credit was only possible if you had money, a ship, and a trading route. If you were poor, it was an impossibility.

For the poor, getting credit is still a challenge. The working poor fall prey to to predatory lenders and opportunistic retailers. Because they are unprofitable for most large lenders, they can’t get small loans to purchase a used car, furniture from a thrift store, or appliances. The working poor, especially, need institutions they can rely on for those initial costs that can help them build savings and a life.

Credit unions fill that need. As non-profit, member-owned institutions, their focus is on the consumer rather than on the investor. They build trust in communities, and they can harness resources with the attention toward the community rather than merely the bottom line. They assess trustworthiness by using wider criteria than those available to larger banks. Credit unions change lives.

The Economic Justice Committee is studying the prospect of creating a credit union. Its membership would be open to all people who have a relationship with the Episcopal Church. Prospective members might be parishioners, or they come to your soup kitchen. They might work on the church property, or they might rent it out.

But it would serve predominantly low-income people, and its resources would be used to develop communities.

Such an institution might provide a sense of worth instilled by financial self-reliance. It can free people from enormous credit card debt. Debit cards and direct deposit make joining even more convenient.

If every Episcopalian donated $10 as equity we would have enough to finance start-up costs plus nearly $300,000 in equity. This doesn’t include the institutions that might offer grants.

There are several steps to this undertaking. But with your support, we think that this can become a model for large religious organizations dedicated to serving the needs of the working poor.

A resolution concerning a Diocesan Credit Union is slated for discussion at the Convention.