CO-OP Financial Services is launching CO-OP Purpose, a new corporate social responsibility program for credit unions that provides community-oriented initiatives.
The Rancho Cucamonga, Calif.-based CUSO said the program includes financial literacy education outreach, philanthropic and charitable giving, new ways of collaborating with colleagues and consumers, and access to research on the business case for corporate social responsibility. The program was unveiled at CO-OP's THINK 16 conference in San Diego.
As part of CO-OP Purpose, the credit union service organization will partner with the National Credit Union Foundation and other potential partners on two new financial literacy projects. The CU Network + Library Network Coaching Program involves a partnership between libraries and credit unions to help educate people and improve their financial lives. In the other program, Credit Union + Yoobi Classroom Initiative, credit unions will donate financial literacy kits with packs from the school supply company to underprivileged schools.
Additionally, CO-OP Purpose incorporates existing social responsibility initiatives that include the Credit Union Innovation Project, which is designed to give credit unions and OpenIDEO's global community the means to collaborate and execute ideas to generate connections between consumers and their financial services provider, and CO-OP Miracle Match, a $1-million-annually matching program that encourages credit unions to conduct fundraisers for Children's Miracle Network Hospitals.
"CO-OP Purpose combines social mission with innovation to give credit unions a unique way to capitalize on their opportunity to attract consumers looking for both in a financial institution," Samantha Paxson, chief marketing officer for Co-Op, said in a statement.
At CO-OP's THINK 16 Conference on Thursday, attendees will hear from Perry Yeatman, external director for Mission Measurement, who will speak on how corporate social responsibility programs can be profitable, offering as examples companies such as Kraft and Unilever. In addition, CO-OP has commissioned a study by Mission Measurement to look at the business case for such programs specifically for credit unions. The results of the study will be published this summer.
