WeDevelopment Federal Credit Union aims to prevent predatory banking

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KANSAS CITY, Mo. — A project first discussed in 2007 became a reality Saturday.

A ribbon-cutting ceremony was held at WeDevelopment Federal Credit Union, located at 31st and Prospect in Kansas City, Missouri.

Dozens of community members and local leaders celebrated the new credit union that aims to help financially distressed areas of KC.

“I think it shows persistence, you don’t change the world in one fell swoop, sometimes these things are hard,” said KCMO Mayor Quinton Lucas.

Gwendolyn Washington, CEO of WeDevelopment, tells KSHB 41 that the credit union will help prevent people from being taken advantage of by predatory lending companies, especially since the poverty rate near the location is around 30 percent. %.

“When there are people on a fixed income or who don’t make a lot of money, their emergencies may only be a $500 loan, so they go to Payday Loans, but when they can go to a financial institution like WeDevelopment and they can take out a $500 loan with a interest rate below 20%, you know this is where they need to come,” Washington said.

With priorities set on expanding banking access while educating members on how to better manage their finances, Mayor Lucas said the credit union is just the beginning of a better, safer community.

“You see more businesses filling this intersection,” he said. “I think what you’re going to see is more people coming back to the center of our city, more people developing, and in the long term, a place that 10 to 15 years from now is going to look a lot different. Having a lot more stores, having a lot more activity.” business and much less crime.

There is still work to be done, but the credit union will open to the community on December 5th.

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