A first-of-its-kind credit union specifically built to meet the needs of people with disabilities nationwide and those who support them is in the works.
Artichoke Credit Union, which is set to open next year, will offer checking and savings accounts, certificates, personal loans as well as credit and debit cards. Unlike other financial institutions, it will focus on accessibility and provide specialized financial education, inclusive product design, guardian access options and other features meant to better meet the needs of those with disabilities, their families, caregivers, advocates and organizations that support them.
The credit union is being developed by the Ford Foundation, the John D. and Catherine T. MacArthur Foundation and the Robert Wood Johnson Foundation and it will operate as a sub-brand of the Michigan State University Federal Credit Union, which is based in East Lansing, Mich.
Advertisement – Continue Reading Below
“A thriving democracy depends on economic inclusion, yet millions of Americans with disabilities cannot access the financial tools needed to build assets and secure their independence,” said Heather Gerken, president of the Ford Foundation. “Artichoke Credit Union is designed by and for the disability community and exemplifies the structural changes needed to dismantle systemic barriers, expand access and restore economic agency for every individual.”
The name of the new credit union was inspired by Ed Roberts, a pioneer of the disability rights movement. At 14, Roberts had polio and a doctor told his mother that he would be a “vegetable” if he survived. So, Roberts said he “decided to be an artichoke — a little prickly on the outside but with a big heart.”
The Ford Foundation said research conducted by Financial Health Network found that people with disabilities often face barriers to banking including high fees, limited access to low-cost credit, difficulties presented by asset limits and low awareness of ABLE accounts. In addition, research showed that banks are often unfamiliar with the needs of people with disabilities and don’t seek out this customer base.
“The creation of Artichoke Credit Union is more than a new brand. It is an opportunity to listen, learn and build alongside the disability community,” said April Clobes, president and CEO of the Michigan State University Federal Credit Union, who noted that her credit union was among the first to offer accessible ATMs and has a track record of other inclusive efforts. “As we serve more than 400,000 members, we remain committed to meeting each individual where they are and creating experiences that empower financial independence.”
The new credit union is expected to charge $5 for membership when sign-ups begin next spring. Deposits of up to $250,000 will be federally insured through the National Credit Union Administration.
