Shareholders in the Community Investment Fund (CIF) now have the opportunity to triple their dividends while securing a full federal guarantee for the next two years.
The National Credit Union Administration (NCUA) will guarantee all principal and quarterly fixed-rate dividend payments on new two-year certificates of deposit (CDs) in CIF.
CIF allows members of corporate credit unions to earn dividends while donating to credit union charitable organizations – without creating an expense on the donors’ balance sheets.
New deposits in CIF will help reduce all credit unions’ expenses for NCUA’s Corporate Stabilization Program.
Surpassing the goal to reach 33 states by year-end 2009, REAL Solutions – the signature program of the National Credit Union Foundation (NCUF) – is now reaching 34 states and 1,200 credit unions.
In the first four months of 2009, four more states agreed to offer REAL Solutions:
Georgia
Idaho
Pennsylvania
Vermont
At the same time, NCUF is providing “virtual solutions” accessible to credit unions in every state.
The online REAL Solutions Impact Center (www.realsolutions.coop) features new toolkits, podcasts, monographs, blogs, and many other resources to help credit unions offer sustainable products and services that have proven effective reaching members with low wealth.
Surveys on the Impact Center document how credit unions are saving those members tens of millions of dollars.
The 121-page toolkit is designed to be comprehensive, yet easy to use.
“Our Payday Lending Implementation Guide is intended to develop solutions that are appropriate for each individual credit union and its membership,” explains author Nancy Pierce, Ph.D., president of Tipton Research Group and a field coach for the National Credit Union Foundation's signature program, REAL Solutions.
“It’s not a one-size-fits-all toolkit; several turn-key products are featured as examples. Ten credit union models were selected to offer a broad array of loan features, pricing structures, and underwriting criteria.”
Successful models are presented with sample procedures and marketing materials, collection techniques, and time-tested loan results.
The toolkit also includes interactive Excel worksheets to help each credit union make its own pricing decisions on open-end loans as well as closed-end loans.
A recent CUTimes.com poll shows an urgent need for Development Education (DE) training on the competitive advantages of the credit union charter. Poll results revealed that as many as 47% of online voters are considering bank charters:
“40% said their credit union is looking at converting to a mutual savings bank.”
“7% are looking at either merging or a mutual savings bank conversion.”
“Anyone concerned about the viability of the credit union charter needs to go to DE training,” emphasizes National Credit Union Foundation Executive Director Steve Delfin. “Development Educators learn to fully take advantage of their current charter. They discover a value proposition that credit unions can leverage right now.”
The National Credit Union Foundation has produced a supplement to Credit Union Magazine featuring stories of the credit union movement’s community outreach and social impact.
The Community Outreach and Social Impact Supplement highlights the Foundation's Annual Report packaged with Credit Union Magazine.
The supplement begins with stories from 16 of the states participating in NCUF’s signature program, REAL Solutions®.
These REAL Solutions® stories focus on how credit union members’ lives have changed as a result of products designed to help people with low wealth and modest means.
The National Credit Union Foundation appears in a full-page ad sponsored by the Better Business Bureau (BBB) in USA Today on April 14, 2009.
The foundation’s full name appears under the banner headline, “Start With Trust®.” The ad encourages charitable donors to “Look for the Better Business Bureau® Charity Seal and give with confidence. It’s your assurance that a charity meets 20 rigorous BBB Wise Giving Alliance standards.”
The ad was placed by BBB in USA Today’s “Special Report” section, “Sharing in the USA.”
“This ad with the seal of approval from the Better Business Bureau sends a strong message to Community Investment Fund (CIF) investors, Corporate Supporters, and all donors that the National Credit Union Foundation is a charity they can trust,” emphasized NCUF Executive Director Steve Delfin. “We proudly use the BBB Accredited Charity seal as a symbol of our commitment to strong accountability, ethical practices, and sound stewardship of our donors’ funds.”
Registration Opens Nationwide for Social Impact Management Institute in New Mexico
The National Credit Union Foundation will co-host its fourth Social Impact Management Institute, October 4-6 in Albuquerque, presented by the Credit Union Association of New Mexico.
The institute in New Mexico is an opportunity to interact with a new lineup of world-renowned experts who can help credit unions grow by reaching untapped markets.
Online registration is available at the Credit Union Association of New Mexico’s Learning Center. A discount rate of $170 per room has been secured at the Albuquerque Marriott. Credit union leaders can call (800) 334-2086 for reservations.
