Four Michigan Credit Unions Receive National CUNA Awards
The hard work, innovative member solutions and community dedication of four Michigan credit unions have been recognized at the national level with 2019 CUNA Awards.
Administered in Michigan by MCUL and CUNA, the Louise Herring, Dora Maxwell and Alphonse Desjardins award programs recognize credit unions for exemplary community service and financial education efforts.
Michigan credit unions receiving national CUNA Awards are as follows:
One Detroit Credit Union: 2nd Place Louise Herring Award (under $50M in assets)
One Detroit created and implemented a payday alternative loan called My Pay Today. With the My Pay Today loan, members can borrow up to $500 at an 18% interest rate and take up to 60 days to repay. It has a $70 annual fee, which allows the member quick access for a whole year. This diverted about $1 million from the payday lenders income statement back to the community through member’s pockets.
One Detroit Credit Union: 2nd Place Dora Maxwell Award (under $50M in assets)
One Detroit and its team members supported the Children's Center in Detroit. On Feb. 18, the entire team built 40 stuffed animals for foster children who struggle with behavioral, emotional, educational and intellectual and developmental challenges.
North Central Area Credit Union: Honorable Mention Dora Maxwell Award ($50M to $250M in assets)
North Central Area’s Superhero September is a month-long awareness, fundraising and educational campaign for two agencies that serve child victims in the credit union’s footprint. Superheroes adorned the branches for the month, and community members were invited to get involved. North Central Area collected more than $5,000 in cash donations that supported these treatment programs in our area, and community members and families also donated superhero-themed items, like t-shirts, backpacks and toys that were given to the centers to help them care for the children in crisis.
University of Michigan Credit Union: Honorable Mention Desjardins Adult Award ($250M to $1B in assets)
In 2019, UMCU conducted 175 financial education program events and reached 4,117 people.
In addition, the credit union knew they needed to maintain their quality and satisfaction as measured by post-session surveys (overall satisfaction score was more than 99%). For members ages 1-99, UMCU focused on updating materials and workshop content, which included the incorporation of new technology to assist with learning. They made technology a priority, in order to reach more people and bring awareness of the emerging FinTech sector. As a credit union affiliated with two large public universities, UMCU also created new workshops specifically targeted to college students (18-23) and the challenges facing this generation, especially related to student loans.
Community Financial Credit Union: 2nd Place Desjardins Youth Award ($250M to $1B in assets)
Community Financial has worked toward financial wellness in the community since its inception. Each year, they add new programs and expand their reach. This past year, the credit union added three new schools to its student-run credit union program. Each of these were "Modest Means" schools, which fits into their philosophy of making a difference where and when it's needed most. Community Financial also hired additional student-run credit union team members to extend its reach.
The credit union partnered with 52 elementary, middle and high schools in their communities in order to teach financial wellness at all ages. Additionally, they started a partnership with the Wayne-Westland School District, working with their Alternative High School for presentations and Reality Fairs.Go to main navigation