This is in response to the letter to the editor from Glendale Area Teachers FCU CEO Stuart Perlitsh, titled the "Questioning Cost of Small Credit Union Initiatives" (CU Times, April 16, 2014).
We initiated the Faith Based Credit Union Alliance in 2010 to provide support and resources to faith-based credit unions. These credit unions are 99.9% totally voluntary. All of these credit unions serve minority and low-income members. Many of the members of our credit unions previously had no mainline financial services and would have had to depend on predatory lenders. Without our credit unions, and many other small credit unions, there would be a financial void in member communities.
The Office of Small Credit Union Initiatives and the Illinois Credit Union League have come alongside the Faith Based Credit Union Alliance to provide needed support, training and expertise. Services provided give huge benefits and have tremendously helped the Faith Based Credit Union Alliance and its small member credit unions stay alive and vital.
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