Credit Union Spotlight: CommonWealth Central Credit Union
A Journey from Understanding Their Members to Embracing Financial Well-Being
When San Jose-based CommonWealth Central Credit Union joined the Knowing & Helping Your Membership grant program, they were already ahead of the curve.
Financial wellness wasn’t new to CommonWealth—their journey began as early as 2019 when they started integrating the concept into a number of initiatives. The grant opportunity, though, offered a chance to validate their direction, deepen their insights, and turn intention into institution-wide commitment.
The Knowing and Helping Your Membership grant was designed by the National Credit Union Foundation to help credit unions analyze their memberships’ financial health and demographics to better understand the roles culture, race, and ethnicity play in financial well-being. The grant included a financial health survey and financial health strategy consultations with Attune. Included too were an Ethnicity Segmentation Analysis to track membership demographics and an Organizational Equity Assessment to develop member inclusion strategies, both through Coopera.
Starting with Strategic Intent
“Before participating in the grant program, the credit union already had an emphasis on financial wellness since we are serving members and communities in the high-cost region of Silicon Valley,” said Viktoria Earle, CommonWealth’s President/CEO. “Participation in this grant definitely confirmed members would benefit from products to help improve their financial health and resiliency in this high-cost area.”
Rather than pivoting, the credit union used the grant opportunity to enhance and expand what they were already building. The Attune survey results allowed the credit union to focus its resources on products that would help members improve their financial well-being. From the Board of Directors to the leadership team and employees, the credit union continues to embrace the concept of “people helping people.” CommonWealth not only offers financial services but also walks alongside members and staff in their financial journeys.
Turning Insights into Action
With support from Attune and Coopera, CommonWealth dove deep into the data. With Attune, they measured financial health across their membership and employee base, revealing key areas where people needed support—particularly around savings, planning, and insurance.
Coopera initiated the demographic analysis. It confirmed what the credit union already knew about its diverse membership but provided an added layer of confidence in their understanding of members, employees and the communities they serve. Equipped with the better understanding, the credit union began the process of innovating products that would align with the needs of its membership—and has already seen positive adoption.
Building a Culture of Financial Wellness
One of the most powerful realizations to come from CommonWealth’s participation in the grant was that financial wellness couldn’t be achieved through products alone. It requires a shift in culture through the buy-in of employees.
“The grant program also helped us realize that if we are going to deliver on financial wellness to our members, we need to be fully invested and focused on the financial well-being of our employees, since the Attune survey results showed that our employees’ financial needs mirror what our members need,” relayed Lisa Brown, Chief Strategy and People Officer.
In recent years the credit union has expanded its employee benefits package to help support employees’ financial needs, including a student loan paydown assistance program, early access to earned wages, and a 529 college savings plan. These benefits have supplemented CommonWealth’s long-standing benefits package including health insurance, a 401(k) plan with an employer matching contribution, and an employee loan discount program.
Sustaining the Momentum
As they look to the future, CommonWealth isn’t slowing down. They plan to continue their partnership with Attune well beyond the grant year, leveraging the survey tools for members and employees on an annual basis. The credit union also intends to explore opportunities to offer the survey during member onboarding, employee onboarding, and ongoing product development.
Financial wellness remains a guiding star for both member services and employee support. By consistently measuring financial health and responding with empathy and innovation, CommonWealth is proving that an organization-wide focus on financial health, when executed with care and consistency, can become a cultural cornerstone
Advice for Other Credit Unions
For credit unions looking to deepen their commitment to financial well-being, CommonWealth’s example offers a simple but powerful approach: start by listening.
Regardless of credit union size, understanding the financial health of members and employees helps guide strategic decisions—from product development to staff benefits.
Equally important to listening is learning from peers.
“We found value in the quarterly check-in calls [during the grant process] and hearing from other credit unions in the grant program,” Earle shared. “Understanding their experiences and learnings was quite helpful.”
Participating in collaborative opportunities like the Foundation’s grant cohorts allows credit unions to build from one another’s experiences—a strength of the cooperative movement. Check out the Foundation’s current grant offerings here, and stay tuned for more.
This grant was conducted in partnership with Attune and Coopera.