ARLINGTON, Va. — NAFCU's July Flash Report survey found that credit unions are practicing community involvement even though they are not subject to Community Reinvestment Act requirements.
"Almost all of NAFCU's Flash respondents indicated that they allow and promote their staff members to volunteer for community activities (98%)," NAFCU found. "In addition, almost all respondents said that their credit union has sponsored a community event within the last 12 months (98%)."
More than half said their staffs were "directly involved with community redevelopment programs." Additionally, 98% said their credit union, board members or staff have supported local nonprofits within the last year with 97% providing financial donations, 93% volunteer their time, and 75% co-sponsor events. Another
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27% of respondents advertise for local events on their Web sites.
Specifically relating to financial education efforts, 81% said they offer financial literacy programs either in print or in classes. Forty-three percent said they offer bilingual materials. A full 84% said they were involved in financial education at their local schools in the last year.
"In conclusion, the commitment by credit unions to community service extends well beyond their field of membership," the report read. "The survey results indicate that volunteerism, donations, and sponsorships are just some of the many ongoing activities through which credit unions, their boards, and their staff members foster service to their communities every day."
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