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Debt Consolidation Credit Counseling Wichita

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									National Federation of
Community Development
Credit Unions

Credit Union Initiatives for
People with Disabilities

      Presentation by Cliff Rosenthal to
      NACDD 2004 National Conference
The Federation.

 Opening doors.
     Expanding Limits.
                  Since 1974

    National Federation of
    Community Development Credit Unions
Today’s Presentation
 Introduction to the Federation
 What’s a “CDCU”?
 Our alliance with Organizations Serving
 People with Disabilities: AATPP
 Case Studies: How do CDCUs serve
 People with Disabilities?
 Conclusion
What’s the Federation?
 National Federation of Community
 Development Credit Unions, Inc.
 Nonprofit Charity
 Founded: 1974
 HQ: New York City. Staff = 20.
 225 credit unions in 42 states, DC,PR –
 800,000 members - $3 billion assets
 Leader in Community Development Finance
 (CDFI) industry
The Federation’s Services
Our Mission: Strengthen credit unions serving
 low-income communities.
Our Services:
 Capital
 Management consulting
 Education and Training
 Research
 Regulatory advocacy
 Special programs: VISTA, faith-based CU
 network, Latino CU network
What’s a “CDCU?”
What’s a “CDCU?”
 A financial institution with the specific
 mission of serving low-income people
 and neighborhoods
 Cooperatively owned/Community controlled
 Regulated, insured, and bonded
 Nonprofit (but not a 501c3)
 An independent corporate entity
 Comm’ty Devel.Financial Instiution (CDFI)
 Savings, loans, transactions, fin’l. ed.
Why CDCUs?
 Local ownership, funding, and management
 Retain capital and income within communities
 Set credit priorities (e.g., type of lending)
 Serve people who otherwise would not be
 served
 Platform for other services (e.g., financial
 ed.)
Profile: “Typical” CDCU
 Age: 30 years
 Assets: $1.4 million
 Membership: 1,000
 Total revenue: $130,143
 Average loan size: $3,500
 Typical loan loss rate: less than 2%
CDCU Sponsors & Partners

Faith-based
CDC-affiliated
Housing organization
Other nonprofits
Neighborhood-based/free standing
What Services?
 Credit
   Small, unsecured loans for family needs –
   medical, clothing, tuition, debt consolidation
   Microenterprise and small-business loans
   Housing loans (limited-equity co-ops; small 1 –
   4-family mortgages; home repair)
 Savings
   Low minimum balances
   Payroll deduction; X-mas Clubs
   Individual Development Accounts (IDAs)
More CDCU Services
 Transactions
  Direct deposit
  Check-cashing
  ATM access
  International money remittances
 Other Services
  Financial Literacy, Counseling, Community
  Education (e.g., EITC campaign)
   CDCUs and the
Disability Community:
   A New Alliance

      The Federation
          and the
Asset Accumulation and Tax
   Policy Project (AATP)
Project Goals
 Credit union services will become more
 available to people with disabilities.
 CDCUs will become advocates and
 resources for people with disabilities
   Establish linkages with local orgs. serving PWD
   Raise level of CDCU awareness & knowledge
 Financial literacy will rise among people
 with disabilities, their families, and caregivers
What CDCUs bring
CDCUs are local institutions that:
 Build assets
 Target low-income people
 Put service before profit
 Offer opportunities for empowerment --
 membership & ownership
 Specialize in “hard to serve” populations
 Already serve people with disabilities and
 have some partnerships
 Have a national network: The Federation
Project Activities
  Build partnerships between CDCUs and
  organizations serving people with disabilities
    AmeriCorps* VISTA project: volunteers in up to
    15 CDCUs around the country
  Pilot projects: Bronx, NY; Wichita, KS
  Financial education: Each One, Teach
  Many train-the-trainer project
    Revise/expand curriculum
    Incorporate into CDCU Institute™
Case Studies: CDCUs in Action
 Bethex FCU (Bronx, NY)
 Communities United CU (Wichita, KS)
 Alternatives FCU (Ithaca, NY)
 Vermont Development CU (Burlington,
 VT)
 Queen of Peace Arlington FCU (VA)
Bethex FCU (Bronx, NY)
 Link to UCP center and Independent Living
 Center
 Provides financial services – direct deposit,
 etc.
 Emphasis on assessment and job training
      Mailing statements
      Processing subpoenas of requests for records of
      members
      Assistance in marketing campaign to local
      businesses
Communities United CU
(Wichita, KS)
 Working with Life Skills Center (youth ages
 16-21), Cerebral Palsy Association (computer
 lab)
 VISTA to do outreach to other org’z’ns
 Made car loan to help member with SSI get
 employment
   renegotiated payment when SSI benefits reduced
   worked with local UCP to restore benefits
Alternatives FCU (Ithaca, NY)
 Funded by Abilities Fund-Access to
 Capital Program
 Will enhance microenterprise training to
 integrate needs of small business
 owners with disabilities
 Program to be open to Vocational
 Rehabilitation Center clients
Vermont Development CU
(Burlington, VT)
 Manages Adaptive Equipment Revolving
 Loan Fund (funded by Vermont
 Assistive Technology Project)
 Loans to persons with disabilities, family
 members, legal guardians, nonprofits
 Loans for adapted vehicles, computers,
 home equipment, hearing & visual aids,
 etc.
Queen of Peace Arlington FCU
 Moved into new facility in Ministry
 Center of church
 Designed office so that people using
 wheelchairs can readily conduct
 business
Summary of benefits
 Job training for individuals
 Microenterprise training and capital access
 Financial services – savings, credit
 Membership / ownership / inclusion
 Expanding physical access
 Partnerships with state programs for
 greater efficiencies
 Financial education
To contact us:
    National Federation of
   Community Development
        Credit Unions
    120 Wall Street, 10th Floor
      New York, NY 10005
     212-809-1850 ext. 216
      crosenthal@cdcu.coop
                       or visit us at:
      www.cdcu.coop
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