Financial Wellbeing Isn’t Marketing. It’s Strategy. Members don’t remember rates. They remember who helped them feel safer and more confident with money — creating the emotional connection that drives deeper engagement and participation. This is especially important in a K-shaped recovery. By embedding financial wellbeing into products and experiences, you can improve member outcomes, differentiate your brand, and fuel sustainable growth. It’s not messaging, it’s strategy. Learn more today.

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Vantage West Credit Union ($3.2B, Tucson, AZ) is deepening its social impact work with the help of CDFI grant funding.

The Arizona-based cooperative has been certified as a community development credit union since 2018, but after the pandemic, leadership wanted to be more deliberate with that work.

The Problem

With roots in serving the Air Force community in and around Tucson, it’s no surprise the bulk of Vantage West’s membership resides in Pima County. However, the credit union’s field of membership also includes Pinal, Cochise, and Maricopa counties, with each county presenting its own mix of economic challenges.

Phoenix, in Maricopa County, is one of the fastest-growing, highest-paying markets in the country. Tucson is the opposite, with lots of low-income consumers — many in rural areas — and considerable under- or disinvestment. Many banks have pulled back — both in the Tucson market and more broadly across Southern Arizona — meaning financial services aren’t always accessible, and payday lenders and others have been more than happy to fill the void.

“COVID highlighted a lot of disparity in the economy,” says Jon Bruflat, Vantage West’s vice president of community impact.

The pandemic and follow-on inflation, shifting interest rates, and more have revealed just how many Americans live paycheck to paycheck or need help managing their finances. Vantage West understood the statistics around those facts, but it needed a person to turn data into action.

The Solution

A $625,000 CDFI grant helped the credit union hire a manager in 2023 to launch a financial wellness program that focuses on consumer coaching and connects program participants to vetted local nonprofit partners that support Vantage West’s community-impact areas, including housing, education, and economic development. That second goal is important because Tucson has a dense population of nonprofits, according to Bruflat, and the credit union wants to tap that knowledge base and build relationships with the right ones.

“A lot of people who come to [work in] credit unions have had some financial experience,” the VP says. “We wanted a person who had been more on the needs side of this with nonprofits.”

The candidate Vantage West initially selected to run the program spent more than a decade in the Tucson nonprofit world, including United Way, local foundations, and more. That experience helped the credit union better understand the financial education needs of potential program participants and craft topics — such as how to budget, save, and build credit — that would resonate. Of note, the initial hire left the credit union, but a new hire (again from a local nonprofit) has maintained the momentum.

To help satisfy the second goal, the financial wellness program manager works with employees to help them improve their own financial wellness and provide better guidance for members across a variety of channels. The credit union has certified close to 80 employees as financial coaches via an internal program that blends methods and information from America’s Credit Unions, United Way, and others.

“We’re developing relationships and resources so our staff is comfortable referring members to the right support — generally either a community resource or a community partner we know,” Bruflat says.

Vantage West also tweaked how it approaches sponsorships. Rather than saying “yes” by default to many requests, it now zeros in on two dozen or so key partnerships related to housing, education, and workforce development.

The Results

Nearly 700 people have participated in financial wellness coaching programs. Some of those attendees have met just once, but many have taken part in more than one session.

“The record is 13 appointments over the course of a year helping someone build credit,” Bruflat says. “We’ve had success stories of helping someone get out of transitional housing and into an apartment, helping somebody get their first home loan, and refinancing high-rate debt and rebuilding credit with us through lower-rate loans.”

Vantage West has also embedded itself into the work of local partner organizations, including the Gospel Rescue Mission, which serves families in need of transitional housing, counseling, workforce, and recovery services.

“Gospel Rescue Mission added us to the mix as their financial services support,” Bruflat says. “We come on site a couple of times per month to do education in group settings, but we also help people add a banking account. That has differentiated us in the market, and we’ve grown.”

Partnerships like this have not only helped Vantage West improve its community outreach but also inadvertently bulk up business-banking relationships. Bruflat says he can think of at least 10 such relationships the credit union has added in the past year based on its wellness and impact work.

The program’s success has changed Vantage West’s approach to partnerships, particularly in how it pulls together multiple organizations to make a greater, coordinated impact.

“Having that sense of those areas you really care about and tying back partners or donations to that can make a big difference,” Bruflat says. “You can do that whether you’re a CDFI or not. Ask yourself ‘What do we want to be known for?’ That’ll drive your strategy and drive it outside of just social impact.”

The post Financial Coaching Transforms Members’ Lives At Vantage West appeared first on CreditUnions.com.

Hurricane Maria slammed the U.S. territory of Puerto Rico in 2017, leaving behind landslides, flooding, power outages, destroyed homes, and more. With nearly 3,000 fatalities, the island’s power grid completely destroyed, and damages estimated at $90 billion, it was the definition of a crisis.

Fortunately, a pair of CDFI grants helped JetStream Federal Credit Union ($265.5M, Miami Lakes, FL) play a major role in recovery efforts.

The Problem

The Center for Puerto Rican Studies estimates more than 3,000 people left the island for the U.S. mainland in the wake of the storm, many of them settling in nearby Florida. But for residents of an island more than 1,000 miles from the continental United States, relocating was anything but easy.

For starters, many lenders on the island didn’t allow residents to transport their cars, forcing those who emigrated to the mainland to leave behind their mode of transportation. Once on the mainland, many people needed help covering security deposits for living arrangements, replacing damaged and ruined belongings, and securing other essentials.

Those who stayed behind also had belongings to replace, homes to repair, and urgent expenses to cover.

The storm inflicted $90 billion in damages, and a report from Moody’s estimates insured losses might have reached as high as $30 billion, making Maria one of the costliest hurricanes in U.S. history.

The Solutions

JetStream FCU’s field of membership includes anyone who lives, works, worships, or attends school in Miami-Dade County as well as Carolina, Trujillo Alto, and San Juan counties in Puerto Rico. Its branch presence in Florida and Puerto Rico enabled the credit union to serve displaced members seamlessly.

To help members manage the aftermath of Maria, JetStream tapped two CDFI grants — one of $776,000 for funds to resettle people who left after the hurricane and a $1.25 million grant to help members who remained on the island.

The resettling grant helped new and established members cover costs such as security deposits for rental homes, vehicle shipping, and more.

“Somebody came in to join and right away asked, ‘Can I refinance my car?’ says Jeanne Kucey, CEO at Jetstream. “They wanted to ship it to Florida, so we became the answer for a lot of people.”

Shipping a vehicle from Puerto Rico required members to first refinance their auto loan with JetStream, which enabled them to pay off the loan at the originating institution, then ship it from the island to the mainland at a cost of approximately $2,000. After that, members also could use grant funding to cover the cost of vehicle registration.

Members who stayed on the island needed help, too. One of their major expenses was replacing personal goods, everything from furniture to patio covers, home repairs, and more.

The credit union offered a loan to existing members only that Kucey says was essentially a standard personal loan in terms of pricing; however, JetStream stretched its normal underwriting criteria as far as credit scores, debt-to-income levels, and more, to serve as many people as possible. That’s important because many low-income borrowers used the funds — with loans averaging $10,000 — to improve energy efficiency, eliminate mold, and make essential repairs and updates. The credit union was even able to help two of its own employees who lost nearly everything inside their homes, Kucey says.

“We had a lot of people use these loans to replace their goods,” the CEO says. “We were surprised at how many people had the savings to take care of what they needed, but for those who didn’t, this was a lifeline.”

The Results

Beyond simply deploying CDFI grant funds, these loans became lifelines for members rebuilding their lives and communities. JetStream came through with critical financing to restore homes and replace essentials, but the credit union also empowered those driving relief efforts.

For example, a Puerto Rico-based member who frequently visited the branch for his personal and business services realized the island needed diesel providers to refuel the generators that were powering residents’ homes after the storm. That member and his wife bought a truck on the mainland and shipped it to the island to start Chester Energía y Transportes, a diesel-refueling business.

“They came to us to open a business account to have accessible funds for refueling the tank,” an island staffer wrote to Kucey in an email. “They gathered all the required information and opened their account. Rapidly, many people started using their business. They covered the whole island. They’re grateful that we were there to help start their business. They always talk about how close they feel to us when conducting transactions and how they would never change their membership to another institution.”

The credit union doesn’t have plans to relaunch these disaster recovery loans for future emergencies, but their success has shaped programs like the furlough loan JetStream introduced during the 2025 government shutdown. For Kucey, the experience reinforced the core principle of “people helping people” isn’t just altruism, it’s good business.

“The losses were non-existent,” she says. “Just do the right thing and don’t worry about the bottom line because it all worked out.”

The post JetStream FCU Turns CDFI Funding Into Lifelines After Hurricane Maria appeared first on CreditUnions.com.

James Hunter knows firsthand what homeownership can mean for a family’s future.

“Some people’s first love was basketball or football, mine was mortgages,” says Hunter, chief advocacy and culture officer at The New Orleans Firemen’s Federal Credit Union ($275.0M, Metarie, LA). “I’m enamored by homeownership.”

The Problem

Hunter’s enthusiasm for homeownership meets a tough reality in New Orleans, where economic barriers put buying a home out of reach for many.

A 2024 report found approximately 53% of New Orleans residents were homeowners, although that figure does jump slightly to 62% when expanded to cover the entire metro area. Still, the prevalence of low-wage jobs and one of the highest poverty rates in the nation — the Louisiana poverty rate hovers around 19%, compared with 10.6% nationally — suppresses homeownership in The Big Easy.

There are broader problems at play, as well. Louisiana ranks at or near the bottom of the nation when it comes to education, infrastructure, crime, opportunity, and more, according to a 2025 U.S. News & World Report study. Those factors and others have led many people to believe homeownership — and financial wellbeing in general — is simply out of reach for them.

“We have a unique situation where you have people who have been hit with persistent poverty, which is three generations of people who have experienced nothing but the same mindset [and] the same potential outcomes,” Hunter says. “That can stem from how you grew up to the hurricanes we’ve experienced and also going into more racial things like redlining. There are many things we’ve experienced here in Louisiana that can impact a lot of different areas.”

Like much of the country, rising prices and interest rates combined with inventory challenges have exacerbated the situation. And that’s before taking into account sky-high insurance premiums, which put housing even further out of reach for many borrowers.

“I’ve been in situations where someone’s insurance and taxes are higher than their principal and interest payments on their mortgage,” Hunter says. “That’s totally backward and sometimes prices borrowers out of a home.”

The Solution

Thanks to a $900,000 grant from the U.S. Treasury’s CDFI Fund, New Orleans Firemen’s is helping members get over that hump with a 100% loan-to-value mortgage that requires no down payment and no private mortgage insurance.

According to Hunter, the 100% LTV helps cover the down payment and other upfront costs. Additionally, he says, real estate agents may negotiate with sellers and builders to cover closing costs, and the credit union’s policies provide enough wiggle room to bridge that gap where needed.

“Two of the biggest things when buying a home are the down payment and the closing costs,” the advocacy and culture officer says. “That’s a nice chunk of change. A down payment and closing costs can add up to a lot of money people don’t have.”

In those instances where members can’t yet qualify, he adds, the credit union looks for ways to help people improve their finances and set a little money aside in the hope that improved savings and credit can get them to the finish line eventually.

The Results

Since launching the program a little more than five years ago, New Orleans Firemen’s has closed slightly fewer than 60 of these loans. That might not be a large number, but Hunter is quick to defend the program, noting the difficult environment for buyers these past few years.

“We have seen people who did not think they could apply or get approved for a mortgage find themselves in a home,” he says.

For example, a contractor who did some work for Judy Delucca, the credit union’s CEO, revealed during a conversation that he was struggling to qualify for a mortgage.

“We introduced him to our program and helped him not only get the home he wanted but also looked at his business and helped him expand his fleet,” Hunter says.

One element that makes the program so inspiring, Hunter adds, is that its success often flies in the face of conventional wisdom and helps members understand that they can take control of their financial lives.

“People listen to the news media and other resources that say interest rates are high and this is not the time to buy,” he says. “Why not find out if you can get qualified? And if not, what can you do to get ready?”

Although solving Louisiana’s insurance crisis will require legislative action, Hunter says finding ways to help more New Orleans residents achieve homeownership is a major growth and relationship opportunity for the credit union. It plans to continue to advocate for members and help them achieve financial success, whether that be through the CDFI Fund, foundations, or other avenues. That commitment recognizes both the challenges and the promise of homeownership and resonates with Hunter on a personal level.

“I come from an environment where homeownership wasn’t often possible,” he says. “So to be in a place where I see people be able to bridge that gap and build generational wealth is invaluable.”

The post Affordable Housing Isn’t About Business. It’s About People. appeared first on CreditUnions.com.

Oct. 20 marks the grand opening of the cooperative’s branch on the Lamar Institute of Technology (LIT) campus. The partnership, formally announced in July, has been in the works for more than a year. CEO Clint Wilson says it’s a long-term investment aimed at supporting the regional economy.

“Some of the world’s largest crude oil–to–gasoline refineries are located in Southeast Texas, between Houston and Baton Rouge, right where our credit union is,” he says. “Those refineries and industries rely on LIT to train the workforce here. That’s a vital part of this region, and we want to contribute to that success.”

Indeed, as college enrollment declines and student debt rises, communities are rethinking what it means to prepare young people for success. Technical training offers a powerful alternative — one that equips students with in-demand skills and connects them to well-paying jobs in industries that are vital to local economies.

There are 34.7 million trade workers in the United States. Credit unions that serve large memberships of non-college degree-holders can provide access to high-paying jobs and economic opportunities through technical training assistance.

What do people do when they can’t or don’t want to pursue a four-year college degree? Apprenticeships offer one way to build trades skills and expose workers to secure careers not likely to be disrupted by emerging technologies like AI, but opportunities in the United States are limited compared to other countries.

DuGood Gets “LIT”

Conversations between the credit union and college began when a DuGood member involved with the LIT Foundation introduced Wilson to LIT’s president, Sid Valentine.

“We immediately clicked and began discussing ways a credit union like DuGood and university like LIT could work together,” Wilson says.

Lamar Institute of Technology solicited competitive bids and evaluated multiple proposals for an on-campus branch. The school ultimately did select DuGood, and the RFP process helped the credit union hone its plan and determine the best way to serve LIT.

“I’d always had some ideas on how the credit union could serve LIT students, but I wasn’t sure what the actual needs or gaps were in the students’ finances,” Wilson says.

For now, the branch staff will include two to three full-time employees in addition to an interactive teller machine to handle all cash transactions.

“We’ll have tellers available to accept checks, open accounts, and print debit cards, but there won’t be a traditional cash vault or drawers,” Wilson says.

Products Designed With Students In Mind

DuGood did not want to simply establish a campus presence. It wanted to offer products and services that would make an impact, too.

For example, the credit union designed a 0% interest loan to help LIT graduates or soon-to-be graduates purchase essential career-related items such as tools, uniforms, or technology. “Power On” provides up to $1,500 to eligible borrowers, requires no minimum credit score, and offers a 12-month repayment term.

“The Power On loan is to make sure students have everything required to be as successful as possible on day one of their career,” Wilson says. “It’s a service we are well-positioned to offer, and we’re happy to do it.”

According to the CEO, anyone can take out the loan, but the credit union envisions it as an add-on for students who have already joined the credit union and are taking advantage of other services, including student checking and an LIT-branded debit card.

When it comes to checking and debit, the student account features fee-free services, no minimum balance requirement, and Scholarship Reward Points, a cash back-style perk that account holders earn with every purchase and redeem for college expenses.

“There aren’t any strict controls on exactly what they can use it for,” Wilson explains. “As long as they’re an active student and can show proof of enrollment, they can redeem those points for scholarship rewards.”

Financial Education As A Long-Term Investment

Student members can also earn Scholarship Reward Points for engaging in DuGood’s financial wellness resources either in person or through the online platform Enrich, which tracks each student’s use. For example, if a student completes a certain number of courses, they’ll earn bonus points on their debit card.

“That’s one way we can incentivize and reward them for completing financial education courses,” Wilson says. “If they attend an in-person seminar, we can give them bonus points for that, too.”

When students create a log in through Enrich, the system prompts them to complete an assessment to create a customized plan for their needs. Topics include budgeting, managing credit, and student loan repayment. The tool also includes gamification, which makes for a better user experience.

For now, DuGood will offer on-campus workshops once a semester and also plans to host an annual reality fair. That’s important because, according to Wilson, financial wellness is at the center of the credit union’s mission on LIT’s campus.

“There’s a lack  financial education in our society in general,” the CEO says. “The students going into LIT aren’t any different.”

What is different is that LIT offers mostly two-year and trade-oriented programs.

“A lot of these careers pay six figures or more in the first year out of school, and we want students to be as financially educated as possible so they can make smart decisions early in their careers,” Wilson says. “This means being ready to buy a home sooner, understand credit, and avoid common pitfalls that come with a sudden increase in income.”

Although scholarship points go toward debit card users, the resources are available to all students, whether they are members are not. That means smarter students across the board and higher impact for the credit union.

“Hopefully, a lot of students do join,” Wilson says. “Our role is to do good and to help people. The best way we can do that is by providing high-quality financial education coupled with high-quality, low-cost financial services. That’s what we’re there to do.”

DuGood’s investment in LIT is more than a branch opening; it’s a blueprint for how credit unions can support workforce development and economic inclusion. For cooperatives serving regions with large populations of non-degree holders, this model offers a compelling opportunity to meet members where they are and help them go further.

The post A High-Tech Branch For High Tech Students appeared first on CreditUnions.com.

A report earlier this year from the Pew Research Center indicated nearly one-third of consumers, 28%, believe their financial picture will be worse one year from now. That’s a 12-point increase from last year’s data. Meanwhile, 35% percent expect things to be about the same, down from 49% last year, and the number of those who think things will be better by this time next year rose just three points to 37%.

Despite that, a majority of credit union members still feel confident about their financial futures, according to recent Gallup data, though bank customers report slightly higher confidence levels.

The bottom line? Consumer confidence is fragile, and despite a small uptick in optimism, more people than last year are anticipating worsening conditions.

FINANCIAL CONFIDENCE
FOR U.S. CONSUMERS | DATA AS OF 2025
SOURCE: GALLUP

For credit unions, this fragile confidence presents both a challenge and an opportunity. As consumers navigate uncertainty, the institutions best positioned to respond are those that already prioritize financial wellbeing. Credit unions, with their mission-driven focus and history of member support, are designed to meet this moment — not just with education, but with empathy, trust, and practical tools that help members feel more secure.

Strategic Insights

• Perhaps not surprisingly, much of the Pew data can be sliced and diced along partisan lines. A slight majority, 55%, of those who lean Republican expect things to improve in the next 12 months, whereas 47% of those who lean left expect things to worsen.
• Regardless of politics, things don’t look good for those of modest means. Nearly half, 45%, of lower-income consumers can’t pay their bills in full each month, compared to 19% of middle-income earners and just 7% of those in upper income brackets.
• Other demographic considerations also come into play. Two studies conducted in 2023 found more than half of women 25 years and older said they were not financially secure; a full 75% of low-income women had no emergency savings and 66% said they did not have the tools to plan for retirement.
• Additionally, one-third of Gen X and millennial consumers — 35% and 33%, respectively — feel financially worse off than their parents, according to a 2025 study from Credit One Bank, and younger generations are feeling anxious about their long-term financial futures.

How Are Credit Unions Supporting Members?

• Knoxville TVA Employees FCU is making it easier for younger members to set aside a little money for a rainy day. Learn more about how a little saving goes a long way.
• Meanwhile, UVA Community integrates financial education with products tailored to young people to help these members build confidence and independence. Read more about how to tackle teen banking.
• In 2022, InTouch expanded services for those nearing or in retirement to help members take an active role in planning their financial future. Read more about how this credit union makes retirees’ golden years brighter.
• Canopy Credit Union has invested in its front-line staff via certified financial coach training to empower employees and reinforce the institution’s commitment to community wellbeing. Read more about turning tellers into teachers.
• A partnership between Hello Credit Union and United Way’s local 211 service directs callers struggling with financial needs to Hello for credit counseling, budget assistance, or more. Learn more about answering the call for help.
• The Boost Center by Blue Federal Credit Union is a one-stop, centralized family resource center that offers help for everything from housing and transportation to food insecurity and financial services. Read how Blue boosts its community.

Join Callahan & Associates and Gallup to learn about exclusive research and insights on how emotional engagement and the perception of care drive member participation and, ultimately, credit union growth. Watch “A Roadmap To Credit Union Growth” today.

The post U.S. Consumers Present A Mixed Bag Of Future Financial Sentiment appeared first on CreditUnions.com.

As we enter the second half of the year, CreditUnions.com is revisiting some of our favorite stories from the first half of 2025 by highlighting stories centered on some of the industry’s top priorities.

While banking and financial services are what credit unions do, financial wellbeing is who credit unions are – it’s a cornerstone of the entire industry. Cooperatives nationwide have long leaned into financial literacy, education, and wellbeing, but there’s no single way to accomplish the goal of supporting member financial wellbeing. Credit unions also take a proactive approach to reaching underserved populations, tailoring products to help members overcome barriers such as low credit scores, limited savings, or lack of access to traditional banking. By doing so, they promote inclusion and upward mobility.

From adapting branch networks to meet the needs of a far-flung membership, making it easier to save money, or simply understanding and living your mission, credit unions across the country are finding new ways to improve members’ financial lives. Here are a few recent examples of putting purpose into action.

Tiny Branches, Big Impact

Part-time “microbranches” in remote Alaska towns allow Tongass FCU ($222.4M, Ketchikan, AK) to serve members in communities where otherwise accessing financial services might require a boat or plane ride.

Saving Gets A Shortcut

Knoxville TVA Employees Credit Union ($4.7B, Knoxville, TN) is making it easier for members to set aside a little money for a rainy day. Initially intended for young adults, the program’s reach has grown – the average member age participating is now 40.

Embrace Your Inner Swiftie

Why has Taylor Swift garnered so much devotion? It’s not just about great songs. The pop icon stays true to her personal brand and uses it to cultivate authentic relationships. That’s something credit unions can learn a lot from.

Now it’s your turn. What has your credit union done so far this year to benefit the community? What special initiatives are in store for the second half of 2025? Drop us a line and let us know.

The post Best Of 2025 (So Far): Supporting Member Financial Wellbeing appeared first on CreditUnions.com.

In a statement, former U.S. Representative Cori Bush wrote, “[Verner] has been a champion for those who have been historically excluded and marginalized, developing innovative programs that serve those with the greatest need in our community.”

Verner says it’s an honor to be recognized for the work that she loves, but she’s just getting started.

“If you have the right mix of curiosity, people, and passion, opportunities will flood in,” she says. “There’s so much work to be done.”

From Industry Newbie To Community Pillar

Verner did not come from a finance background.

A single parent of four, she had been working as a personal trainer and with a local hospital for years when a friend approached her about the role at Alltru FCU. The friend was retiring and told Verner the credit union was having trouble finding a replacement.

“At the time, I had done some really great things with national organizations,” Verner says. “She told me that passion was needed and then asked me to come in and meet with her boss. So, I did.”

Verner joined the credit union in August 2013. Her curiosity and natural ability to empower others made her a natural fit for the job — so did her personal history, perhaps counterintuitively.

“At first, I felt imposter syndrome,” she says. “How could I teach financial empowerment while struggling myself? But that’s what made me effective. I’d been there.”

Since then, Verner has been a key advocate for financial empowerment in her region, playing a pivotal role in youth initiatives like the St. Louis Office of Financial Empowerment’s College Kids program, which provides every kindergartener enrolled in a St. Louis public or charter school a college savings account with an initial $50 deposit. She is also heavily involved with organizations like the Urban League of Metropolitan St. Louis and its workforce development programs, ensuring access to direct deposit capabilities and holistic banking, including an emphasis on credit building.

The Power Of Asking “Why?”

Verner says the secret to her success lies in questioning everything. As an industry outsider a decade ago, she found herself always asking “Why?” and “Why not?”

For example, during Verner’s first class, which she taught in partnership with the Treasurer’s office, a woman told Verner an old debt at a previous financial institution prevented her from opening a bank account.

“That made me question if I could do this work in good conscience,” Verner says. “You can’t dig yourself out of a hole or pull yourself up by the bootstraps without access.”

So, she started asking questions, which ultimately led to Alltru turning off ChexSystems entirely. No more denying people accounts over old debts; instead, the credit union made real access possible.

A Major Need In The Midwest

As a born-and-raised St. Louis native, Verner was no stranger to the broader economic climate of her city when she came to Alltru.

“Predatory lending in Missouri is bananas, and so many lack access to holistic financial services,” Verner says. “Without direct deposit or an account to put their income into, many rely on rechargeable cards, but those come with fees when you use them.”

In response, Verner worked with Alltru to launch a salary advance loan as a free benefit for local small businesses to offer their employees. To date, the credit union has deployed more than $163,000; what’s more, it has only recorded one default.

“We’re in this nice place to deploy safe, affordable emergency loans and keep people away from high interest predatory loans, payday lending, and high interest credit card rates,” Verner says. “We’ve also seen credit scores go up because payday loans don’t report to the credit Bureau, but we do.”

When STL Youth Jobs, a nonprofit dedicated to connecting young people to paid work, reported 95% of its participants were unbanked, Verner worked with her team to change that.

“We didn’t just show up with pamphlets,” the community development manager says. “We built a product for them: checking accounts for youth ages 16 to 24 with no co-signer needed. Most banks don’t do it because they want a guardian responsible in case of fraud, but we accepted the risk.”

Impact doesn’t require a lightning-in-a-bottle moment. It needs passion, presence, and the right people at the table.

Within the first year of partnering with the STL Youth Jobs program the percentage of banked youth went from only 5% banked to 100%.

And when Verner learned people living in shelters couldn’t open accounts due to proof of residency requirements, she questioned that, too. The credit union has one branch in downtown St. Louis — an area that claims 54% of the region’s unhoused population — and Verner saw the opportunity in serving this deserving population, which numbered roughly 1,200 in 2024.

“These are people who are working full-time, but they have nowhere to put their money,” she says. “I turned to our compliance team, and they ruled that if that’s where they live, it counts.”

Guided By Equity And Curiosity

Alltru FCU’s status as a CDFI aligns well with Verner’s determination to improve financial equity.

In 2023, the official poverty rate in City of St. Louis was 20.2%, with 19.8% of the population living below the poverty level. In 2024, the credit union extended more than $37 million in loans to individuals with credit scores of 659 and lower, and it opened 5,412 accounts for people within low-income census tracts.

“If you see a need, and you’re not meeting it, dig in,” Verner urges. “It takes a lot of bravery to do that.”

At the end of the day, she says any credit union can affect real change for their communities, big or small. It comes down to staying curious and not being afraid of the hard work.

“Impact doesn’t require a lightning-in-a-bottle moment,” she says. “It needs passion, presence, and the right people at the table.”

The post Tracy Verner Is Breaking Barriers In St. Louis Finance appeared first on CreditUnions.com.

The industry has long viewed Spanish speakers as a key growth market, with many credit unions deploying Spanish-language chatbots, earning Juntos Avanzamos certification, and more. Despite such efforts, a 2024 study found nearly one in 10 Hispanic households in the United States were unbanked, with the demographic comprising slightly more than one-third of the nation’s unbanked population.

“Our primary goal was to support our staff who wanted to acquire the Spanish skills needed to better support our Spanish-speaking members, especially as our Spanish-speaking membership grows,” says Cindy Klein, WECU’s chief human resources officer.

Klein worked alongside Kelly Helms, WECU’s director of learning and development, to explore e-learning options through vendors, Duolingo, and more, but none of the options he looked into seemed right for the credit union, in part due to a lack of customization.

2 Tracks, 1 Goal

The “a ha!” moment came when Helms realized he regularly plays basketball with a Spanish professor at Western Washington University. That connection presented the opportunity for a partnership with WWU, which provides employee language training through its outreach and continuing education program.

The program offers two tracks, basic and advanced, depending on the employee’s fluency. So far 40 staffers, or about 35% of the credit union’s member-facing retail staff, have paired up with Spanish instructors and tutors from WWU for four 90-minute sessions across four weeks.

Basic training is for staff with no previous Spanish speaking experience. It includes greetings and basic financial services vocabulary, such as terms for savings account, check, loan, and more. Advanced training is for employees who possess conversational Spanish skills but want to deepen their ability to discuss more complex financial concepts, such as explaining credit or dealing with fraud.

“With basic, we want you to be able to recognize key words and phrases in Spanish, such as, ‘Open a checking account,’ ‘make a deposit,’ or ‘cash a check,’” Helms says. “We’re not asking you to be fluent or conversational, just recognize what a Spanish-speaking member’s needs may be.”

Instructors conduct the entry-level curriculum in English, whereas advanced training is entirely in Spanish, with English only used for clarification as needed. Notably, both tracks are free to the credit union thanks to a job skills grant from the state of Washington that supports organizations looking to develop employee skills.

Helms and other WECU leaders worked hand in hand with WWU staff to develop the curriculum, and the team meets on a monthly basis to make tweaks as needed. All training is in person, although the credit union is developing an e-learning module, as well.

The courses are taught by WWU undergraduates majoring in Spanish, who work closely with faculty advisors within their department to ensure they know how to teach more specialized language like financial services.

While the continuing education and language departments have worked in non-classroom settings before, the banking aspect is a new experience for everyone, says Andrew Blick, a director of outreach and continuing education at WWU. The partnership has been a two-way street.

“The students are being exposed to more of those financial literacy ideas, and it transfers across languages within the workshops,” he says.

New Skills For Better Service

For now, instruction is available only to member-facing retail staff, including front-line staff and the contact center. Although the credit union is focusing on areas most likely to encounter Spanish speakers, it might eventually make training available for employees in business banking or mortgage lending.

To kick off the program, retail leaders across the organization nominated participants. Of these, 40 employees have joined so far, with 25 on the basic track and another 15 on the advanced track. Perhaps surprisingly, employees in the contact center have shown lighter interest; according to Helms, that is in part because of how easy it is to connect callers to a translator.

WECU isn’t formally tracking employee progress or program impact beyond logging who takes part in the training, but Helms says anecdotal evidence indicates the program has been a success. After all, it has helped the credit union fulfill not only an organization goal of entering new markets but also an organizational value of doing the right thing.

“If we have Spanish-speaking members, doing what’s right means equipping our staff to fully support and serve those members,” the learning and development director says.

The program also has helped WECU increase its efforts toward inclusion and belonging, and prepared the credit union for broader demographic changes taking place nationwide.

“We know Spanish language is growing across the United States,” Helms says. “We want to be ready for those changes as Spanish-speaking populations grow in our region.”

A Little Goes A Long Way

Employees at WECU are interested in finding new ways to support member needs. Members, in turn, see and appreciate the effort.

“Members are so happy when our staff members try to understand Spanish,” Helms says. “They’ve shown an appreciation for our additional attempt to converse in Spanish. And they’ve enjoyed helping our more basic Spanish speakers with pronunciation tips.”

It’s been a win-win for WWU, as well.

“It’s a really nice way for students to get involved with the community,” says Blick. “We’ve seen a lot of reciprocal learning on campus with this program.”

The experience has also reinforced that credit unions can forge partnerships in unexpected places to fill members’ needs that aren’t being met.

“Find where the biggest area of need is and develop a program that can support staff and members in that area,” Helms advises. “Then get started. Once we got the ball rolling, we saw how much excitement there was internally and with our partners.”

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The post ¿Habla Finance? At WECU, Employees Are Learning. appeared first on CreditUnions.com.

Small businesses can be inherently risky, and some end up being short-lived operations. And while the demand for innovative lending solutions tailored for SMBs continues to grow, traditional lenders, particularly traditional financial institutions such as credit unions, frequently view SMB lending as resource-intensive and unprofitable due to the current manual nature of it. As a result, they shy away from the space.

But credit unions can’t continue to turn a blind eye to what is going on in the very communities they exist to serve — not if they want to remain relevant. According to the U.S. Census Bureau, almost 5.5 million new business applications were filed in 2023, breaking the 2021 record of 5.4 million. Since 2012, the submission rate for new business applications has more than doubled and approximately 5 million new business are added every year.

Currently only 42% of small businesses have their financing needs met, illustrating a significant gap in financial services for these businesses. The majority of SMBs rely on either a large or small bank or online lender as their financial services provider. This heavy reliance on banks and online lenders could be due to a lack of knowledge of other financing options, such as alternative lenders, angel investors, or, more importantly, credit unions! This is resulting in more than hundreds of billions of dollars in unmet capital needs and predatory interest rates from online lenders.

In April 2025, ondeck.com shows its average term loan interest rate to be 57.9% with up to a 4% origination fee. Those rates are excessive, and credit unions can provide a better experience.

Start With The Community Relationship And Work Backward

The competitive differentiation of credit unions over large banks, online lenders, and finance companies is rooted in the member relationship and localized field of memberships.

For credit unions to continue to succeed, they must know their communities best. They must tailor their products to meet the exact needs of members. The core of the credit union business model — people helping people — is reliant on their members explicitly choosing to continue working with them.

Given this, credit unions should never view the small business lending opportunity solely as a revenue driver.

Instead, they need to view it as a mechanism for protecting and strengthening their community relevance and relationships. They need to view it as an opportunity to uncover unmet needs that can inform both their strategy and product roadmaps and to build trust and brand affinity when they help their local community successfully navigate the volatility that is inherent in running a small business.

Put simply, if you’re going to build an SMB lending business within a local credit union, you should start with the community relationship, connecting with local SMBs and work backward.

When SMBs thrive, communities thrive.  When communities thrive, credit unions thrive!

The Importance Of Embracing Digital Innovation

To fully seize the SMB lending opportunity, credit unions must embrace digital transformation where the frictionless member experience is the priority underpinned by the power of real-time data and digital efficiency.

As technology continues to evolve and industries become more specialized, the ability to leverage technology and data to swiftly understand and meet the unique needs of small businesses will be a key differentiator.

The cost of manual underwriting and processing loans for small businesses is relatively high compared to the loan amounts. For traditional financial institutions, this means lower profitability per loan, often disincentivizing them from focusing on the small business segment.

Embracing a digital first approach allows lenders to offer SMBs frictionless access to financial products that meet their specific needs. Digital application, underwriting and origination might be followed by flexible repayment terms, working capital loans that align with seasonal cash flows, or financing options that take into account the growth trajectory of a startup. Such tailored solutions can significantly improve the likelihood of a business succeeding and repaying its loan.

And if small businesses are the engine of your local economy, then capital from your credit union is their fuel. Community prosperity awaits.

Ranqx empowers financial institutions to generate growth, increase profitability, and strengthen member relationships with its SaaS based SMB lending platform. It delivers the industry’s fully digital, cloud-based solution for small business lending and members will go from application to recommended decision in as little as five minutes.

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