Eight community development credit unions will share $240,000 in grants from the National Federation of Community Development Credit Unions to help launch a program for senior citizens.
“Economic Security for the Low-Income Aging” will help older members with savings programs, low-interest loans, consumer counseling and debt reduction, according to the federation.
"Many credit unions already offer competitive loan and savings rates, as well as free checking accounts to their members, but through this program, we will help the credit unions chosen for the pilot to tailor their existing services to low-income seniors and those approaching retirement age,” said National Federation CEO Cliff Rosenthal.
“Additionally, we will help these institutions develop partnerships to get the word out to other older adults who may never have realized now beneficial a credit union could be for them,” Rosenthal said.
The participating credit unions are Cooperative FCU, Syracuse, N.Y., 3,284 members, $17 million; East River Development Alliance FCU, New York City, 409 members, $102,000; Fairfax County FCU, Fairfax County, Va., 17,000 members, $239 million; Holy Rosary CU, Kansas City, Mo., 2,740 members, $9 million; Mid Cities Financial CU, Compton, Calif., 6,000 members, $26 million; North Side Community FCU, Chicago, Ill., 3,200 members, $11 million; Opportunities CU, Burlington, Vt., 10,450 members $33 million; Pyramid FCU, Tucson, Ariz., 8,198 members, $77 million.