American Prospect, June 11, 2024
By Kalena Thomave
Melissa Marquez is not your typical banker. She rails against the globalization of big finance and the concentration of the financial sector through mergers and acquisitions. She calls high interest rates “obscene.” Her financial institution has issued mortgages for 42 years but has never once foreclosed on anyone.
To be fair, Marquez doesn’t technically work for a bank; she’s the CEO of a credit union. And Genesee Co-Op Federal Credit Union in Rochester, New York, is different even from most credit unions.
“We really try to help create wealth for low-income people,” says Marquez, explaining that as a result, interest rates and fees need to be low. “Otherwise, you’re just extracting money, not helping build wealth.” Genesee Co-Op FCU is a community development financial institution, meaning serving low-income people is part of the organization’s mission.
When Marquez talks with new members, they’ve often come to the credit union after leaving the largest banks. “The pricing is just so exorbitant, whether that’s interest rates—well, if they can even borrow,” she says after a thoughtful pause, “or the fees being charged.”
