Kansas City's newest credit union hopes to address banking deserts and fight predatory lending
WeDevelopment Federal Credit Union, which opens this weekend at Linwood Shopping Center, is taking on the mission of increasing financial literacy in communities east of Troost.
A new credit union on Prospect Avenue aims to expand banking access, fight back against predatory lending and educate its members on how to best handle their finances.
Gwendolyn Washington, CEO of WeDevelopment Federal Credit Union, says a lack of financial literacy can be a generational issue in families.
"Sometimes, people don't understand how money works," Washington says. "We have what we call wealth coaches. We sit down, we address your needs, we look at your debts, we help you plan a budget, and then we have products that help you start to save."
WeDevelopment says it will serve "an economically distressed area of Kansas City that has a poverty rate around 30%."
Washington joined KCUR's Up To Date discuss how the credit union came about and how it hopes to help its members in Kansas City.
- Gwendolyn Washington, CEO of WeDevelopment Federal Credit Union