One Detroit Credit Union has appointed Portia Powell as its new CEO. She will be the first woman and person of color to lead the 90-year-old institution. Powell brings nearly two decades of experience in financial services to her new role.
Breaking Barriers in Detroit’s Financial Sector
Powell’s appointment marks a significant milestone for One Detroit Credit Union. Her journey from an entry-level banking position to CEO showcases her determination and expertise. Powell’s leadership begins officially on January 1, 2025.
“Recently, someone told me, ‘Portia, you are an anomaly,'” Powell shared in an interview. She reflected on the significance of her appointment. Powell sees it as both an opportunity and a reminder of ongoing challenges in diversity.
From Accidental Banker to Visionary Leader
Powell’s career in finance began unexpectedly at age 18. She took a job to pay off credit card debt from her first semester of college. This experience sparked her interest in financial services.
Over time, Powell gained diverse skills in retail banking, investments, and commercial banking. She managed business lines and departments worth billions. Powell’s unique skill set made her an ideal candidate for leading One Detroit Credit Union.
Prioritizing Community Impact and Financial Literacy
As CEO, Powell aims to increase awareness of One Detroit Credit Union’s community impact. She proudly notes that 93% of their loans go to African Americans and people of color. Powell plans to amplify this impact further.
Financial literacy is a core focus for Powell. She emphasizes the importance of educating both employees and community members. “Financial literacy is essential for bettering ourselves and becoming more financially aware,” Powell stated.
Expanding Access to Financial Resources
Powell’s vision includes investing in products and services that benefit more Detroiters. She wants to ensure the credit union’s long-term sustainability while meeting community needs. One example is the “Refi My Ride” program, which cuts auto loan rates in half regardless of credit score.
The new CEO also highlights One Detroit Credit Union’s status as a Community Development Financial Institution (CDFI). This designation allows them to directly impact Detroit’s underserved communities. Powell encourages affluent customers to support this mission through their deposits.
Inspiring the Next Generation of Black Women in Finance
Powell sees her role as an opportunity to pave the way for others. She advocates for more representation in finance. “While I’m the first African American woman in this role, I certainly don’t want to be the last,” Powell emphasized.
She encourages young Black women to pursue careers in finance. Powell advises them to learn, educate each other, and advocate for themselves. She believes these actions will open up more opportunities in the field.
