FINANCIAL LITERACY
New Book Champions Racial Equity Through Community Capital
By Nicholas Cole
I n the newly released book Community Capital: Race, Equity, and the Credit Union Movement, co-authors Clifford N. Rosenthal and Michael McCray, Esq., CPA (Alpha Xi 1987), bring attention to the intersection of race, financial systems, and com- munity empowerment. The book explores how credit unions and commu- nity financial institutions have played a critical role in providing financial services to under-served populations, especially communities of color. With over 400 pages of historical insights, personal narratives, and deep analy- sis, Rosenthal and McCray deliver a compelling look at the rise of community capital organizations. They high- light how these institutions have historically supported under-served communities and continue to play a crucial role in the fight for financial equity. Community Capital offers a timely reflection on both the challenges and triumphs faced by credit
unions, particularly those serving black and low-in- come communities. A STORY OF HOPE AND STRUGGLE The book is an engaging exploration of the credit union movement, partic- ularly within black and low-income communities. Rosenthal, a veteran advocate for Community Develop- ment Financial Institutions (CDFIs), details his decades- long journey to revitalize non-white, low-income credit unions. His chapters serve as both a historical account
A BATTLE FOR JUSTICE The book’s second half takes a sharp turn as McCray, a legal and finan- cial expert, chronicles his whistle-blowing efforts in defense of the Kappa Alpha Psi Federal Credit Union (KAPFCU). His account details the shock- ing 2010 liquidation of the KAPFCU by the National Credit Union Adminis- tration (NCUA). McCray does not shy away from describing the racial and systemic injustices that
led to the credit union’s demise, providing readers with an insider’s view of how institutions designed to serve black commu- nities are often unfairly targeted by regulatory bodies. His vivid story- telling pulls readers into high-stakes meetings and courtroom dramas, where decisions affecting mil- lions of Black Americans are made. Using a clever meta- phor inspired by Alice in Wonderland , McCray
and a personal reflection on leading organizations
predominantly composed of people of color. From humble beginnings to the multi-tril- lion-dollar asset class that credit unions now represent, Rosenthal’s narrative is equal parts educational and inspir- ing. His insights underscore the importance of these institutions in providing financial services to the under-served, particularly those left behind by tradi- tional banking systems.
16 THE JOURNAL ♦ SUMMER 2024
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