MADISON, Wis. – The National Credit Union Foundation, the charitable arm of the U.S. credit union movement, is celebrating its 35th anniversary this month.
Originally called the CUNA Foundation, the Foundation was incorporated in October 1980. In its early days, the Foundation was focused on international development of credit unions and the credit union movement, as well as scholarships and grants for small credit unions.
In 1992, the Foundation was reorganized “to better represent a true charitable foundation focused on the needs of consumers and credit unions’ unique ability to meet those needs,” the Foundation said in a statement.
Today, the Foundation remains closely aligned with CUNA. It provides national philanthropic programs, and serves as a fundraiser and grant-maker for America’s credit unions.
“Over the past 35 years, the Foundation has been a cornerstone of the credit union movement,” said Gigi Hyland, executive director. “To celebrate this landmark anniversary, we have launched a special online fundraising campaign. Our goal is to raise $35,000 so we can reach more credit unions across the U.S., and continue to provide them with more tools they need to improve people’s financial lives.”
In the last 10 years, the Foundation has awarded more than $35 million worth of grants to help credit unions to better serve their members. The Foundation said its mission is to act as a “catalyst to improve people’s financial lives through credit unions.”
Thanks in part to Foundation programs and grants, many credit unions are able to provide widespread financial education, create greater access to affordable financial services, and empower more consumers to save, build assets, and own homes.
The Foundation said it accomplishes this mission by:
- Leveraging the credit union difference – through Credit Union Development Education, working to preserve credit unions’ uniqueness through training in credit union philosophy and cooperative principles. More than 1,400 credit unions from some 34 countries have become CUDEs since 1982.
- Building financial capability – by offering resources to help credit unions better identify and meet consumers’ financial needs through Real Solutions. More than 2,060 people have participated in life simulations; 104,000 high school students have attended reality fairs; 1,380 people have become certified financial counselors through the enhanced FiCEP program; and 11 credit unions have offered 3,383 loans for a total of $43 million through the Foundation’s Non-Prime Auto Lending pilot. The Foundation noted it also provides toolkits for credit unions to help meet member’s needs, with the newest toolkit designed to help those struggling with medical debt.
- Teaching kids how to make and manage money – Biz Kid$ is a national financial literacy initiative that is exclusively funded by credit unions across the country, and has reached over 7.7 million parents, educators, and students through education outreach projects. The Foundation provides Biz Kid$ Financial Education Grants to fund innovative programs that improve the financial education of youth through the Biz Kid$ program.
- Uniting resources to help credit union members and staff when disaster strikes – CUAid was developed by the Foundation in cooperation with other credit union organizations to provide funding for credit unions during a time of disaster. More than $5.8 million in disaster relief has been distributed since 2004.
