Despite income and compliance hardships, the very small, faith-based credit unions in Illinois are embarking on a turnaround, according to the leader of an Illinois Credit Union League campaign to uplift their standing.
The Faith-Based Alliance has been striving the last year to vastly improve operating conditions of some 20 Illinois CUs, mostly in Chicago and with $500,000 to $3 million in assets.
For one thing, the Alliance coordinated by Joyce Jackson, a league field director, has been working to bring Camel 3-4 CUs "down to at least a 2" while also helping them gain low-income designation giving them ranking as NCUA community development financial institutions.
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