WASHINGTON -- Treasury Department Federal Credit Union has officially signed on to Operation HOPE's financial literacy movement and will begin providing space and support for a "HOPE Inside" partnership.
Lance Triggs, executive vice president and chief of the HOPE Center Banking Network, is excited about the Treasury Department becoming the first federal credit union to partner with HOPE.
"Working together, our goal is to significantly impact the area's underserved neighborhoods by educating individuals on the importance of financial literacy and entrepreneurship," said Triggs.
Under the theme, "Get Your Money Straight In '08", TDFCU will team on a regional scale with the Los Angeles based non-profit, establishing a historic presence in its Washington D.C., Paul J. Gist branch. Current TDFCU members--as well as consumers in the District of Columbia--will be encouraged to take advantage of the partnership's free economic lessons, money management counseling, and home loan origination services. These services will extend to anyone who lives, worships, works or attends school in the district. TDFCU also plans to expand its presence in local classrooms, instructing young people on basic financial concepts through HOPE's award-winning Banking on Our Future program.
As an alternative to payday lending or debt consolidation loans, TDFCU is prepared to assist individuals re-establishing themselves financially. Spotlighting the importance of saving, TDFCU will allow consumers who utilize HOPE's services to open a savings account with no money down. New members will then receive a one-time $10 deposit toward maintaining the account. Through this partnership, TDFCU will provide first-time homebuyers free individual services and seminars. In addition, HOPE will sponsor financial literacy seminars and offer additional resources through its Anacostia HOPE Banking Center office.
With mortgage industry analysts estimating that over 1.5 million Americans are at risk of foreclosure, an important focus of the partnership will involve helping homeowners with their subprime mortgage challenges.
"Our relationship with Operation HOPE will add to the educational outreach programs our credit union is involved in," said TDFCU President/CEO Alfred Scipio. "Treasury Department Credit Union has long been an advocate for its membership. Given the 'underserved' designation granted by NCUA in 2003, TDFCU feels that the partnership with Operation Hope will provide a platform to offer additional services to the D.C. community at large. We feel that financial literacy is the key to making smart financial decisions. TDFCU supports programs because it helps people, young and old, make sound decisions with the resources they have available."