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  • Members Credit Union Grows Hispanic Membership with Financial Education

    Posted by on May 7, 2018

    Continuing our series of blog posts providing updates on 2017 Warren Morrow Hispanic Growth Fund Grant recipients, today we’re following up with Members Credit Union in Cos Cob, Connecticut.

    With the grant funds it was awarded, Members Credit Union was able to purchase Spanish seminar-in-a-box kits from CUNA, as well as materials for financial education sessions with Hispanic youth. Partnering with local organizations to conduct seminars has been a successful strategy for the Connecticut credit union.

    More than 80 consumers participated in three seminars Members Credit Union conducted in late 2017:

    In October, the credit union partnered with Family Centers to host a Spanish financial education seminar for parents who live in low-income housing. The following month, Members Credit Union conducted a Spanish financial education seminar for participants of People Empowering People. In December, the credit union hosted a seminar for Family Centers staff, many of whom are Hispanic. The focus of that event was on both personal finances and services available to their Family Centers clients.

    “Each one of the completed seminars brought new members to the credit union, and referrals from our ‘first generation’ of new members are spreading and also yielding new members,” said Kathy Chartier, Members Credit Union president/CEO.

    One of the participants in the November seminar owns Latin Colors magazine. During the seminar, he gave a testimonial about how he has benefited from his relationship with Members Credit Union. He is also giving the credit union the opportunity to share financial education in Spanish in every issue of Latin Colors throughout 2018 in addition to partnering on future seminars.

    Members Credit Union also has plans to continue offering seminars in 2018, including:

    •  Sessions with elementary and middle school students involved in the Family First program
    •  Financial education seminars in Spanish, in cooperation with Latin Colors magazine
    •  Auto buying seminars in Spanish with Building One Community
    •  A full evening financial education class in partnership with People Empowering People

    The credit union is already seeing results from its financial education efforts in terms of Hispanic membership and loan growth. In 2017, the credit union brought in 73 new Hispanic members (39 percent of all new members), compared to 23 (12 percent of new members) in 2016.

    “The seminars, and the word-of-mouth referrals they have created, are probably our greatest source of new members and loans in 2017,” Chartier said.

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    This Is What Happens When Small CUs Think Big

    Posted by on September 26, 2017

    This article originally appeared on CUinsight

    Some of their best ideas come to them after hours, when the halls of the credit union are quiet and they’re free to think beyond the day-to-day business of serving members. That’s precisely when Dustin Fuller and Deke Alexander, executives for Living in Fulfillment Everyday (LiFE) Federal Credit Union in Denton, Texas, began to wonder aloud about a credit union mission trip.

    Deke Alexander and Pastor Kelvin meet with a church elder in a sugar cane village outside of Haiti.

    No strangers to the life-changing impact of church-sponsored mission trips, Fuller, LiFE’s CEO, and Alexander, the cooperative’s chief lending officer, envisioned immediate potential. Not only would a trip like that impact countless lives in poverty stricken countries, it could also create a completely immersive and fulfilling experience for both staff and the credit union’s members.

    “Credit unions have an outstanding opportunity to change the employee experience that goes far beyond the 9-to-5,” said Alexander. “As employers, we’re often focused on tangible employee benefits, like dental and vision care or sales incentives and PTO. Yet, creating a culture that allows employees to improve lives in villages thousands of miles away – that’s hugely beneficial. You then transform everything. Suddenly a run-of-the-mill transaction at the teller window brings about the realization that serving this member allows our credit union to serve someone else in the third world.”

    The Plan Takes Shape

    That night, before the after-hours brainstorm had concluded, the two solidified a plan to coordinate two mission trips in two years. The first will take place in the Dominican Republic this November; the second in Mexico during 2018.

    For each mission trip, LiFE will partner with area churches experienced in the local cultures and versed in the specific needs of the people. Their focus will be on helping villages gain access to clean drinking water. They will also work to develop longer-term relationships with the villagers, many of whom Alexander says have access to Facebook, affording LiFE staff the opportunity to maintain those connections once back in the states.

    Engaging LiFE Members in the Mission

    Beyond employees, Fuller and Alexander, both of whom have participated in several mission trips to the Dominican Republic, are also intent on bringing the credit union’s members into the initiative. After working with Coopera to learn more about the credit union’s Hispanic membership, LiFE executives learned a significant portion of the member base has ties to the Mexican culture. Therefore, Fuller and Alexander believe, the second of the planned mission trips will be particularly important to the membership.

    “Our first mission to the Dominican Republic will include credit union members who know the trip and the culture extremely well,” said Alexander. “They will serve as guides to help train our staff, some of whom will actually lead the second trip to Mexico.

    “We’d love to open up the trips to even more members in the future because we see it as a way to bond employees and members over something other than financial matters,” continued Alexander. “This will create a more intimate understanding of what can really happen when we put our hands and feet to work together. There’s a multiplying effect.”

    To raise funds for the mission trips, LiFE is coordinating a golf outing called the Impact Life Golf Tournament Oct. 14, 2017 in McKinney, Texas. With the money raised, the credit union and its partner churches will buy the water filters they need to install once in the villages.

    The Multiplying Effect of Living Our Purpose

    “When you think about it, these trips strike right at the heart of what we do,” said Alexander. “For us, LiFE is about ‘Living in Fulfillment Every Day.’ A big piece of that is helping our employees see the fruits of their labor. We want to show our staff what it really means to make an impact, and to be a blessing to others.

    “Our hope is this will inspire other small credit unions to think big,” said Alexander. “We want everyone in the movement to see it’s possible to get outside the 9-to-5, outside the SEG group, even outside their local communities. Let’s go on an adventure together, make lives better and come back changed people.”

    For more information concerning supporting this event, email info@lifefcu.com.

     

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    The Propellant That Pushed Guardian CU Forward

    Posted by on February 19, 2013

    Many credit unions leaders know – either in their gut or in their strategic vision – that the Hispanic community will play a key role in the growth of their cooperative. Yet, they are challenged to get a true, focused and action-oriented initiative off the ground. Often this is because they aren’t confident they understand where they are at on the continuum of service to this crucial consumer segment.

    That was exactly the trouble facing Guardian Credit Union, based in Milwaukee. The leadership understood how important increasing its Hispanic membership would become in the credit union’s near future, yet it needed a spark to ignite the passion needed from staff.

    Enter the Hispanic Membership Analysis (HMA). Completed for Guardian CU by Coopera staff, the HMA allowed Guardian leadership to discover pertinent information about its members. The results of the analysis ultimately led to the development of Guardian’s Hispanic growth strategies to increase membership, revenue and loan volume.

    “I believe that the HMA was the propellant that I needed to push this initiative forward,” said Christopher Plautz, Guardian CU’s VP of Strategic Research and Development. “It allowed my board to really engage in the details, to, in a concrete way, visualize the audience, the needs for this population and the opportunity for our credit union.”

    Each HMA provides a picture of a credit union’s total membership, establishing a baseline of the Hispanics being served and their impact to the cooperative’s bottom line. It shows:

    • Percentage of Hispanic members (English and Spanish-preferring), market share and growth over time
    • Membership profile characteristics including: language preference, age and tenure
    • Financial usage indicators, including services per member, average deposits, average loan volumes, delinquency rates and checking & lending penetration

    The HMA could be just the thing your credit union needs to transform gut instinct into action. Get in touch if we can tell you more.

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