Louise Herring Award
Louise Herring was an active supporter, organizer and champion of credit unions. She was the Ohio delegate to the 1934 national credit union conference in Estes Park, Colorado, where she signed the original constitution for a national credit union association. Louise Herring believed that credit unions should work in a practical manner to better people's lives. She saw the credit union as more than just a financial institution. In her own words, "The purpose of the credit union is to reform the financial system, so that everyone can have his place in the sun."
To promote credit union philosophy by formally recognizing credit unions that demonstrate in an extraordinary way the practical application of that philosophy for their members.
Prior to judging, ensure you verify the credit union’s asset size. Each league will select winners from each of the following categories:
- Less than $50 million
- $50 - $250 million
- $250 million - $1 billion
- $1 billion+
- Credit union chapter/multiple credit union group
Only the first place winner in each category will advance to the national competition.
The program entry form must be completed and submitted with the entry. (Entries received at the national level without completed entry form will be returned.) Credit unions will submit to their league a project binder, album, or spiral bound book, along with a completed, typed entry form (required), and 2 years’ (current and previous year required) balance sheets and income statements and/or NCUA’s Financial Performance Report (FPR). Support materials for the project should be included in the binder, album, or book. Please no electronic media.
Before entries are judged, analyze the financial statements to determine whether the credit union is operating in a safe and sound manner. This criterion must be met in order for a credit union's entry to be considered for the award.
Credit unions could receive an award for programs or policies that demonstrate their commitment to the practical application of the "People Helping People" philosophy. Some examples of eligible activities are:
- Provisions for the small saver or borrower
- Member programs for groups that are often economically challenged
- Internal programs or services that help to differentiate the credit union from other financial services' providers
- Programs that do an extraordinary job of encouraging thrift and provide a source of unbiased money management and consumer information, which would be difficult or impossible to obtain elsewhere
- Evidence of an exceptional degree of service to members