Michelle Samaad's August 22 article "Do credit unions stand poised to embrace socially responsible investing?" quotes me as saying members of Vermont Development Credit Union "invest $6 million in money market accounts, individual retirement accounts, and certificates of deposit with a heavy emphasis on socially responsible firms." I look forward to the day when that is true. In fact, she has it upside down. Vermont Development is the recipient of investment from some socially responsible mutual funds under the "One percent for community" campaign. Had she, in fact, spoken to me, Ms. Samaad would have learned that 80% of our 8,000 members are low-wealth families with limited financial assets. As a Community Development Credit Union, we are their only opportunity to connect with affordable capital and financial services and escape the clutches of predatory lenders. Loans from Vermont Development enable our members to achieve home ownership, better jobs, small business ownership, and many other goals. Vermont Development provides an excellent opportunity for all socially responsible investors to make community investments with zero risk and high social impact. Credit unions hold $1 million of our certificates of deposit. We encourage other Credit Union Times readers to join them. Caryl J. Stewart President Vermont Development Credit Union Burlington, Vt.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.