CU Times LUMINARIES 2023 Finalists: Community Impact

VyStar Credit Union: At the Jacksonville, Fla.-based VyStar Credit Union ($13.6 billion in assets, 901,612 members), its team works to improve the lives of its members. Founded in 1952, VyStar has the resources of a bank, the innovative spirit of a fintech and the heart of a credit union. Its purpose is to Do Good and the credit union makes the places they live stronger by giving back — from revitalizing urban neighborhoods to supporting the military. In 2022, VyStar gave more than $4.8 million to hundreds of nonprofit organizations, enhancing the important work they do every day. In November 2022, VyStar launched an innovative campaign called "Good is everywhere" that generated funding and embraced donors, community members and other leaders.

Amplify Credit Union: The Austin, Texas-based Amplify Credit Union ($1.4 billion in assets, 51,831 members) prides itself on innovation, which is why in 2022, it became the first full-service financial institution in the country to eliminate all banking fees. Amplify made it impossible for its 58,000 members – with any balance, banking behavior or account type – to incur any kind of fee and set a new industry precedent that could inspire other financial institutions to do the same. The results and member reaction have been overwhelmingly positive. This decision to create more financial inclusion is not only good for members and the community, but also for the organization's bottom line. In total, Amplify turned off more than 40 different fees, forgoing over $2 million of annual income that now remains in the pockets of its members. The organization looked to replace that income through growing core deposits and increasing debit card interchange income, two key drivers of profitability for deposit institutions.

Associated Credit Union: For the Norcross, Ga.-based Associated Credit Union ($2.1 billion in assets, 158,147 members), its most impactful, community-focused accomplishment in the last 12 months was spearheading a fundraiser for the Ukrainian Credit Union Displacement Fund in response to the conflict caused by Russia's invasion and occupation of parts of Ukraine. Recognizing the devastating effects of the war and the urgent need for support, the credit union took a proactive approach to make a difference and aid those affected by the conflict. In collaboration with five Georgia credit unions, Associated launched a fundraising campaign to raise money for the Ukrainian Credit Union Displacement Fund. The goal of $10,000 was actually exceeded to $30,000. This significant contribution will go a long way in providing support to Ukraine's credit union system and those who rely on it, including employees and members affected by the conflict.

Coastal Credit Union: Within the past year, the Raleigh, N.C.-based Coastal Credit Union ($4.8 billion in assets, 329,348 members), through its Foundation, has provided $860,000 in grants to nonprofit organizations throughout several North Carolina communities and surpassed $4 million in total given to nonprofits since being formed. Coastal's top priorities for community focus are nonprofit projects that work to support financial education, increase affordable housing, promote financial well-being and improve access to resources. With access to affordable housing becoming an increasing concern in many communities, Coastal made a tangible impact in 2022 by approving $500,000 in grants aimed at tackling some of the affordable housing issues within its own communities.

Delta Community Credit Union: Delta Community Credit Union ($8.8 billion in assets, 490,294 members) in Atlanta is Georgia's largest credit union and is deeply committed to championing financial literacy and education. Delta Community looks for every opportunity to improve the financial health of its members and communities through its Financial Education Center (FEC), an invaluable resource that provides programs tailored for every economic status and financial stage in life. Designed to be engaging and informational, the FEC's programs have demonstrated clear and measurable results. The FEC has reached thousands through in-person and online workshops, comprising of a comprehensive curriculum integrated as a series or an individual session. Its FEC programs have positively impacted more than 6,000 people in the past 12 months. In addition, the FEC's efforts can be traced to measurable outcomes resulting in 90 new members, 305 products and services, and 44 appointments scheduled with financial advisors, all directly attributed to financial education efforts.

Freedom First Credit Union: The Roanoke, Va.-based Freedom First Credit Union ($1.1 billion in assets, 63,075 members) has a knack for combining its dynamic properties of internal products and services with exceptional community outreach and member-first initiatives. For instance, Freedom First's Flash Cash digital small-dollar lending program put fast funds into the accounts of members who need it with no time to spare. For those purchasing a new home, $26 million of Freedom First's home loans went to low- to moderate-income borrowers, making up 31% of the total number of borrowers in 2022. As a designated Community Development Financial Institution, 61% of Freedom First's entire loan portfolio was made to CDFI target markets in 2022. As Freedom First Credit Union's member community expands upon their financial well-being objectives, so does the cooperative's strength in building back.

Mission Fed Credit Union: The San Diego-based Mission Fed Credit Union ($6.1 billion in assets, 295,954 members) had a busy and successful 2022 as the credit union raised and invested over $1.1 million in the local community, helping to support a variety of local nonprofit organizations and causes. Mission Fed is committed to making a difference in the lives of its members, employees and community. This includes the Hispanic community with the goal of bridging economic inclusion and supporting financial well-being. As a result of its historical and ongoing commitment to serving and empowering the Hispanic consumer, Mission Fed became the first credit union in San Diego County to receive the Juntos Avanzamos Designation, a testament to credit unions that have a vision and commitment to serving the Hispanic community by providing financial services and asset-building opportunities.

Pentagon Federal Credit Union: The McLean, Va.-based Pentagon Federal Credit Union embraces the credit union motto of "people helping people" with several charitable initiatives and community outreach programs. In fact, PenFed donates up to 2% of its annual net income to numerous charitable organizations, with most supporting the military community. Beyond its military membership, PenFed has a strong presence in Puerto Rico with more than 300,000 members and over 100 employees. Since Hurricane Maria in 2017, PenFed has invested in a partnership with EVERFI from Blackbaud to create the "Tu Dinero, Tu Sueño" ("Your Money, Your Dreams") program, a scalable digital financial education curriculum for public and private school students throughout the island. The curriculum teaches students about savings and checking, building and maintaining healthy credit, planning for major purchases, investing and retirement, and funding higher education. In total, PenFed has brought the critical financial education technology at no cost to over 3,400 public and private K-12 school students in 30 schools.

True Sky Federal Credit Union: True Sky Federal Credit Union ($917 million in assets, 61,960 members) in Oklahoma City has created a remarkable community-focused accomplishment with its transformative partnership with New Bethel Baptist Church. This initiative stands out as an exceptional example of their commitment to community development, empowerment and fostering inclusivity. True Sky executives chose to focus their attention on this partnership because of its profound impact on the underserved community. By leasing land from the church for 75 years at a nominal cost of $1, they established a facility that not only serves as a financial institution but also includes a dedicated community space. This collaborative effort symbolizes a shared commitment to uplifting the community and addresses various aspects of its needs.

USF Federal Credit Union: Since 1959, the Tampa, Fla.-based USF Federal Credit Union's ($1.1 billion in assets, 73,418 members) mission has been to help the University of South Florida's students, faculty, staff, alumni and their families achieve financial security and success. With a goal to support a variety of organizations throughout the local community, USF FCU not only volunteers at and donates to university-related events and scholarships but has made a huge impact in the lives of others off-campus throughout the past year. From academic scholarships, hurricane relief and meal donations to hospital galas and holiday toy drives, USF FCU has gifted $334,500 to the university and local organizations throughout the community within the past year. Over the next five years, USF FCU has committed to donating more than $1 million to USF through a combination of scholarship endowments and signature event sponsorships – continuing the longstanding partnership between the two organizations while providing opportunities that will enhance the lives of the entire USF community.