Page 16 - Michigan Credit Union League: 2018 CRI Report
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Michigan Credit Union League & Affiliates
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Student-Run Credit Unions: Much More Than Financial Literacy
Part of creating lifelong partner- continually tailored the program to get students the job skills to
ships is teaching financial literacy meet needs and demands specific succeed, how do we bring talent
and money management to a to Jackson’s population. into Jackson?’ Our community is
community’s youth. One of the ways really looking at that, so our senior
Michigan credit unions have success- “When we first started, our goal was managers are coming back and
fully created these partnerships is to help provide financial education asking, ‘How can CP help reach
through student-run credit unions. and encourage savings and that’s some of these students?’”
really started to evolve to look at
Student-run credit unions are where our community needs us While CP Federal has reached
exactly what they sound like: credit and how we can help them,” said a number of students over the
union branches run by students. CP Federal Director of Financial past 27 years, they know there
These branches are located in Education Sheila Troxel. are more to reach. Troxel said the
participating schools and are credit union will be working with
designed for basic transactions “We’re doing more than helping the school district in 2018 to see
(deposits, withdrawals, etc.) for students learn how to save, we’re how else their program can reach
students and staff. reinvesting in our community and students, in the aim of giving
determining how else we can help. Jackson a brighter tomorrow.
Jackson-based CP Federal Credit We really do want to be involved
Union is one of the state’s leaders in our community and give back. While student-run credit unions
in student-run credit unions. In We want to help students make are exactly what they sound like,
1991, a collaboration between smart choices, whether it’s with their they’re also much more. They teach
the credit union and the Western money, their careers or learning how financial literacy, communicate
School District started in an to give back to their community.” the importance of community
attempt to provide financial literacy collaboration and give students
and business skills to the area’s Currently, Troxel said the program the opportunity to learn important
youth. Currently, CP Federal has 28 is addressing the city’s prevalent business skills for future success.
student-run branches in the school issue of generational poverty, “A
district. high amount of our residents in
Jackson are dealing with gener-
As the program has grown over ational poverty, so we ask, ‘How
nearly three decades, CP Federal has do we handle that, how do we
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