Portia Powell On Making History As The 1st Black Woman CEO Of One Detroit Credit Union: ‘Too Often Finances Are Secret’ [Exclusive]

Source: Portia Powell (Photo credit: Stanley Jordan) / Stanley Jordan

Portia Powell’s rise to CEO of One Detroit Credit Union is a story of resilience, determination, and passion for the community. Growing up in Detroit, Portia’s journey into the financial world began almost by accident, but it quickly became her calling. Now, as the first woman and person of color to lead the 90-year-old institution, she’s bringing a fresh perspective to the table. With nearly 20 years of experience, Portia isn’t just focused on numbers, she’s committed to making a difference in the lives of everyday Detroiters. Her vision is clear: expand access to financial resources for those who need it most and ensure that One Detroit Credit Union continues to uplift the community it serves.

In this exclusive interview with MadameNoire, we discuss Portia’s remarkable journey, her passion for financial literacy, and how she plans to lead with purpose and impact come January 1, when she officially takes office.

MadameNoire: Your path and journey to this point as a Detroit girl are remarkable. Briefly share your journey and how you became appointed CEO of a 90-year-old institution that has never had a Black female CEO.

Portia Powell: Recently, someone told me, “Portia, you are an anomaly.” It took me a moment to process that—it’s both an amazing opportunity and a sad reflection of the times that we’re still experiencing so many firsts. I’ve had time to reflect on my journey, which began when I was 18. I got my first job in banking, discovering the financial services industry by mistake. After my first semester of college, I came home with a ridiculous amount of credit card debt. Back then, credit card companies lured students with free t-shirts, and I signed up, unaware of financial responsibility. My mom insisted I get a job to pay off the debt, emphasizing the importance of maintaining good credit.

I started working in a suburban area of Metro Detroit, in a wealthy community called Royal Oak. I observed how people treated money differently than what I was used to growing up. I became a sponge, soaking in knowledge about how people lived their lives, which was much different from what I had seen my mom experience. What began as a job evolved into a two-decade career in retail financial services. Initially, people told me that one day I could become a branch manager, which was considered the ceiling. I achieved that goal by the time I was 21 and began wondering, “What else is there for me in this industry?”

Over time, I gained a unique set of skills, doing everything from investment licensing to corporate and commercial banking. Institutions began packaging my skills together, putting me at the forefront of various initiatives. I’ve managed business lines, products, services, and departments. So, when the opportunity with One Detroit Credit Union arose, many people were amazed. Although it’s a $65 million asset institution, I’ve managed departments worth $5 billion. While this is a tremendous opportunity, it fits within the realm of work I’ve already done. I’m excited to bring the skills I’ve gained in large banking to a smaller institution with a “people helping people” mindset. The credit union philosophy aligns with my career-long goal of implementing positive change, and now I have a platform to lead and make a significant impact.

You’re clearly well-qualified, and you have the experience and people skills needed for this role. What are your top priorities as you step into this role, and how do you plan to build on the legacy of Hank Hubbard, the current CEO who appointed you?

One of my top priorities for One Detroit Credit Union is bringing awareness to the incredible work we’ve already done. Not many institutions can say that 93% of their loans go to African Americans and people of color, especially here in Detroit. Realistically, we should be leading the market with our products and services. Over the next few months, my focus will be on amplifying our impact and ensuring we continue to change lives in this community.

Even though my official appointment begins on January 1, the work has already started. We’re currently in the middle of my 90-day plan, preparing for a smooth transition. By the time January comes, we won’t just be hitting the ground running—we’ll be continuing the progress we’ve already made.

As you take the helm during the 90th anniversary, what are your key goals for the credit union in the coming year beyond the initial 90 days?

My key initiatives focus on investing in products and services that allow us to impact more people and ensure our long-term sustainability. At a time when many institutions are closing their doors or merging, it’s crucial for us to have staple products that ensure our existence far beyond 90 years. The need for financial access and literacy hasn’t gone away, and we want to continue bridging that gap where other financial institutions fall short.

Financial literacy is one of your core focus areas. What strategies will you implement to enhance financial education and inclusion within the communities served by One Detroit Credit Union?

Financial literacy is essential for bettering ourselves and becoming more financially aware. We’re currently working on an internal strategy to ensure that our employees and team members are financially empowered and understand the products and services we offer. It’s one thing to offer these services, but it’s another to understand their impact on the market. As a financial leader, you can’t meet everyone’s needs, but we can educate and partner with the community to uplift those who aren’t quite there yet. Additionally, our social impact banking model means that affluent customers can help us serve those who are underserved. Every deposit we gain allows us to put more money back into the community. Being a CDFI (Community Development Financial Institution) and a Minority Deposit Institution (MDI), our work directly impacts Detroit, and the more people recognize that, the more momentum we’ll gain as an institution.

As a Black woman leading this financial institution, you’re in great company with trailblazers like Kiko Davis (trustee of the Donald Davis Living Trust, which holds the majority stake in First Independence Bank, one of the largest Black-owned banks in the country). In today’s rapidly changing financial landscape, how can Black women leverage financial literacy to better navigate and mitigate financial risks and challenges?

That’s a great topic. First, we need to have more conversations about finances. Too often, finances are a secret—no one talks about income or household finances. But why not? How can we break down barriers and address pay disparities if we’re not discussing these things? One of my other ventures, the Wealth Investor Network, focuses on investing in women’s financial capacity. We educate women on investments, business resources, and how we can do more together. Many of us are the first in our families or communities to achieve certain things, which can be lonely. More conversations will help break down these financial barriers.

As we wrap, what advice do you have for young Black women aspiring to careers in finance, especially given the current economic climate?

Representation is crucial. We need more people fighting for a seat at the table so that when it’s our time, we are understood. One of the biggest challenges we face as African American women is navigating corporate and social spaces where we’re not yet understood because we’re new to the game. The more we learn, educate each other, and advocate for ourselves, the more opportunities will open up. While I’m the first African American woman in this role, I certainly don’t want to be the last. We need to create pathways for others to follow.

How can we stay in touch with you and follow your journey as you prepare for this new role?

I’m on social media as Portia Powell, and on Instagram as @ExecutivePortia. I share both my corporate and personal journey because I believe in transparency and authenticity. One Detroit Credit Union’s social media is also growing, and I encourage everyone to follow us and join as members if you live, work, or worship in Wayne County, Michigan. We’re making significant investments in our products and services, like our “Refi My Ride” program, which cuts your rate in half regardless of your credit score. This program can benefit everyone, even the affluent. We’re committed to creating products specifically for Detroiters with the goal of changing lives.

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