NerdWallet.com, a personal finance website which focuses on helping consumers save money on financial services, has recognized 10 credit unions for their community-focused programs, products and services.
Seven of the 10 are community development credit unions and members of the National Federation of Community Development Credit Unions.
Those seven are Alternatives FCU (Ithaca, N.Y.) for its support of small businesses; Cooperative FCU (Syracuse, N.Y.) for promoting equality; Hope FCU (Jackson, Miss.) for its community infrastructure support; ASI FCU (Harahan, La.) for its newly launched microloan program; Latino Community CU (Durham, N.C.), for its outreach to at-risk populations; Self-Help CU & Self-Help FCU (Durham, N.C. and Oakland, Calif., for its innovative “micro-branch”; and Freedom First CU (Salem, Va.), for its work supporting local nonprofits.
The other three are Family Trust CU (Rock Hill, S.C.) for its personalized financial counseling services; Alliant CU (Chicago) for its loan assistance program; and Generations FCU (San Antonio) for its online financial literacy resources.
“We are extremely pleased to see some of our outstanding CDCUs on this list,” said National Federation CEO Cliff Rosenthal. “The work of community development credit unions is challenging, expensive and time-consuming, but credit unions such as these, which are among our high-performing CDCUs, are showing the world day in and day out that serving low-income communities can be done effectively and profitably.”
NerdWallet founder/CEO Tim Chen said, “2011's community-oriented credit unions are outstanding examples of how credit unions enrich the lives of their members and more. Profits are returned to members, so that money stays local, but on top of that, these institutions truly make an investment in their communities.”
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