Dupaco Community Credit Union has created an employee task force to create new and innovative ways to tackle the Gen Y issue.
Ten employees have been enlisted to the INNOV8+ Class of 2009. The class will complete a series of four 90-minute meetings and additional outside work to identify ways to enhance credit union products and communication to attract members age 15-23.
The class will present its recommendations to Dupaco President/CEO Bob Hoefer and the management and marketing team, and the findings will be considered during the credit union's annual planning session in August.
"Teaming up with staff from different departments gave us a wide range of experience from which to draw ideas," said Cindy Hiklin, lending consultant at Dupaco and INNOV8+ team member. "The INNOV8+ Class of 2009 is identifying solutions to help meet with the current and future needs of the younger generation, and help Dupaco establish a lifetime relationship with them.
INNOV8+ will be an ongoing initiative and a new class will be selected each year to address a different task stemming from that year's strategic plan.
"Front line staff can be one of the most valuable sources of feedback for an organization, but is often underutilized. The INNOV8+ project serves as a way for us to tap into the creative ideas of staff who on a normal basis do not get the opportunity to help shape Dupaco's future strategic initiatives," said Hoefer.
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Teens Learn Money Management
This summer teens learned how to manage their money at a free summer camp held by Capital Communications Federal Credit Union.
The credit union held its Money & Me camp the last week of July and had approximately 25 teens in attendance. The teens learned about budgets and how to make them stick, credit, savings and checking accounts, shopping for a big purchase and planning and investing for the future.
"In these economic times, it's more important than ever to make sure young people understand how to manage money. The earlier they learn how to save and build good credit, the easier it will be for them to achieve financial success," said Paula Stopera, president/CEO of Capital Communications. "With budgeting workshops and our College Bound Program, we are working to make sure our youth members have all the tools they need before they go out into the world on their own."
The camp program is part of the New York Credit Union Foundation, which serves credit unions, schools and community organizations that improve the financial literacy of New Yorkers.
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CU Student Choice CUSO Adds
BECU and Suncoast Schools FCU
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Two credit unions have jumped into the private student lending market through CUSO CU Student Choice.
BECU in Seattle and Suncoast Schools Federal Credit Union in Tampa, Fla., have joined the 80 credit unions that offer student loans through CU Student Choice.
"We're ecstatic that BECU and Suncoast Schools have made the decision to offer private student loans through Student Choice network," said Scott Patterson, executive vice president of CU Student Choice. "Since launching in May 2008 with seven credit unions, our ultimate goal has been to help credit unions set a new best-practice standard for value in private student lending. With the addition of more than 70 dynamic credit unions in the past few months we're now making fair value private student loans available to potential membership of more than 50 million consumers."
The private student loan being offered by BECU and Suncoast Schools is available to undergraduate students and features zero origination fees, extremely competitive interest rates, in-school deferred payment, co-borrower release and a graduated repayment option.
"It's a very unique product that is structured as a line of credit, which allows students to make multiple draws over the course of their entire college career after completing just one simple application," said Tom Dorety, Suncoast Schools CEO. "Most importantly, we control the pricing and are able to dictate the value we deliver to the member and the cooperative. Plus, we have a great opportunity to build a productive, long-term relationship with these young members."
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