The $60,000 innovation grant will be used to create a "culture of savings" that will educate LCCU members and be used a model for other credit unions to follow.
"We plan to develop and pilot three projects targeting three distinct age groups," said Erika Bell, LCCU financial education director. "Our hope is that by influencing multiple generations, this will instill and perpetuate a culture of savings. The projects will get everyone involved in and learning about the concept of savings and will include monetary awards through long-term share certificates."
The primary goals of culture of savings is to increase the number of savings accounts and the amount of savings for children, youth and adults.
"The implementation of this culture of savings initiative beginning in 2009 is particularly crucial," said Luis Pastor, LCCU CEO. "We are planning to open three new branches and expand our financial education program. By implementing this initiative now, we will be able to attract, educate and retain new members."
Currently, the credit union has seven branches throughout North Carolina. LCCU served over 50,000 members, 95% of whom are Latino, 97% are low-income and 70% were previously unbanked.
"The credit union can create opportunities for young families in this target population," Pastor said. "Providing financial education in conjunction with access to affordable financial services, helping create credit histories and building toward homeownership are necessary steps to improve their lives."
This is the 11th of 14 innovation grants approved by the NCUF in 2008.
CU SoCal Provides Classroom Grants
WHITTIER, Calif. -- Credit Union of Southern California is doing its part to help local teachers make the classroom experience memorable for students.
The credit union has recently awarded $33,000 in grants through the 2008 Student Impact Grant program. A total of 112 local Southern California educators in 26 school districts received grants of $300 for use in their classrooms.
Now in its 10th year, the SIG program is designed to directly impact schools at the student level. Each fall local teachers in eligible school districts have the opportunity to apply for a grant by describing the activity or purpose for which the grant would be used and the impact the grant would have on their students.
Grants are awarded through a judging panel that consists of former SIG recipients and CU SoCal board volunteers.
"It's a great pleasure to know that these grants are helping to enhance students' classroom experiences through this program. We're grateful and honored to partner with local teachers by assisting them with much-needed funding for creative projects and innovative technologies at the classroom level," said CU SoCal President/CEO Dave Gunderson.