Industry Success Stories: Making a Difference One Member at a Time
The single best antidote for the economic and financial problems facing credit unions is the extraordinary earnings opportunity provided by counter-cyclical lending and share growth. Credit unions cannot raise capital. They must earn it. The best time to grow and harvest is when others cannot. Credit Unions are having a tremendous impact on their communities each and every day. Here are just a few examples of how credit unions are making a difference:
- Ent Federal Credit Union (Colorado Springs, CO) started releasing educational podcasts so they could educate their members on the go. They are finding that Podcasts are a great way to reach out to credit union members embarrassed to talk about issues such as avoiding foreclosure. Check out their latest podcasts.
- Meriwest Credit Union (Tucson, AZ) created a group of internal lending experts known as the "Hardship Assistance Team" to offer advice to members having trouble making their current mortgage payments. The team is trained to find solutions to help keep their members in their homes. Read More.
- State Employees Credit Union's (Raleigh, NC) VITA tax service completed more than 25,000 returns, generating over $33 million in total refunds for North Carolinians. A total of $3.75 million was saved in preparation fees typically charged by for-profit tax preparation services. In addition, $15.7 million in tax credits, including $9.7 million in Earned Income Tax Credits and $5.2 million in Child Tax Credits, were claimed through the SECU program --- providing a potential boost in North Carolina's economy. Read More.
- Community First Credit Union (Appleton, WI) created a stimulus package for members looking to buy their first home. They were able to offer members mortgages for no money down by giving them an interest-free loan on the $8,000 tax credit for first time homebuyers. Community First is hoping to finance the purchases of 250-300 homes through this program. Read More.
Going forward, your voice is most critical—in both the short term and around the strategic issues to come. Just last week an action platform called Credit Unions Rising was launched to amplify your views, share analysis and take action when necessary. This is not merely political action or commenting on proposed rules, or sounding off on actions taken by others.
This site is about member advocacy—standing up and letting your peers know what you are doing and what you believe others should be aware of to keep our industry’s most important promise—which is always to act in the members' best interest. Share your story.