Foolproof, the financial literacy initiative championed by the Credit Union Association of Colorado/Wyoming, disclosed Monday it is offering its online and in-house education package free to all 3,000 CUs in the country under $10 million starting this month.
Foolproof management said the free licensing deal will continue on an indefinite basis until the credit union suprasses $10 million in assets.
In making the free offer, the Melbourne, Fla. firm cited recent financial success it has experienced over the last 18 months with billion-dollar CUs buying into the program.
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"From day one, FoolProof has wanted to help out small credit unions in their effort to convey a strong, positive message that they are the number one resource for financial education in their communities," explained Will deHoo, FoolProof's 30 year-old founder and CEO.
Many of these small CUs, however, lack the financial resources and staffing to undertake and deliver such high quality financial education programs, he said and yet "these credit unions are the soul of the credit union movement."
"Because of recent additional CUs signing up as high custom clients, Foolproof in collaboration with 15 partner leagues can make this generous offer to all small CUs," said Remar Sutton, Foolproof chairman. There are currently seven high custom CUs with two more added this week.
"Considering all that has happened, this seems the right time for small credit unions with limited resources to get into the education arena both at the high school level and with adults," said Sutton. Under the program, the six separate Foolproof product suites will be provided to participating CUs through custom websites, said Sutton.
Over 100 large CUs currently pay $2,600 per year for an identical turnkey program being given to the small CUs, he said. But the billion-dollar CUs with extensive, highly customized programs pay upwards of $75,000, he noted.
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