VyStar Credit Union Qualifies for CDFI Certification Following Partnership With CU Strategic Planning
JACKSONVILLE, Fla.–The $13-billion VyStar Credit Union has obtained Community Development Financial Institution (CDFI) certification and also qualified for grants from the U.S. Treasury Department.
The credit union worked with CU Strategic Planning, which is the largest organization in the CU community for obtaining CDFI certification, as it works to expand its service in underserved and vulnerable markets.
“Earning the right to be called a Community Development Financial Institution is central to the values VyStar stands for as an organization,” Chief Lending Officer Jenny Vipperman stated. “We believe in the importance of reflecting the communities we serve, and that means meeting individuals where they are and helping improve their financial wellness with fairness, compassion and integrity. That’s why we employ a diverse, talented staff and remain committed to making our high-quality products and services available to people of all different backgrounds. It is why we also support a broad range of community partners who share in our commitment to positively impact the world around us.”
Tacoma, Wash.-based CU Strategic Planning noted CDFI-certified lenders are eligible for CDFI Fund grants, which support generating economic growth and opportunity in some of the nation's most distressed communities.
“Credit unions serve more rural, low-income and minority areas than other financial institutions, and it remains critical that we offer inclusive services that improve the financial lives of individuals from various geographic locations and backgrounds,” said Vipperman. “We want to be a trailblazer in our industry and remove the limitations that may be holding back other credit unions. Our successes in this area encourage other credit unions to make decisions with confidence and in turn serve more underserved members.”
Serving Their Intended Purpose
Added CU Strategic Planning AVP of Certification Services Carrie Ostrem, “VyStar truly demonstrates that credit unions continue serving their intended purpose—providing affordable financial services for people of all backgrounds, especially those who are most financially and socioeconomically disenfranchised. Our work makes it easy to show up every day and unlock opportunities for credit unions and their communities. Congratulations, VyStar!”
The credit union worked with CU Strategic Planning, which is the largest organization in the CU community for obtaining CDFI certification, as it works to expand its service in underserved and vulnerable markets.
“Earning the right to be called a Community Development Financial Institution is central to the values VyStar stands for as an organization,” Chief Lending Officer Jenny Vipperman stated. “We believe in the importance of reflecting the communities we serve, and that means meeting individuals where they are and helping improve their financial wellness with fairness, compassion and integrity. That’s why we employ a diverse, talented staff and remain committed to making our high-quality products and services available to people of all different backgrounds. It is why we also support a broad range of community partners who share in our commitment to positively impact the world around us.”
Tacoma, Wash.-based CU Strategic Planning noted CDFI-certified lenders are eligible for CDFI Fund grants, which support generating economic growth and opportunity in some of the nation's most distressed communities.
“Credit unions serve more rural, low-income and minority areas than other financial institutions, and it remains critical that we offer inclusive services that improve the financial lives of individuals from various geographic locations and backgrounds,” said Vipperman. “We want to be a trailblazer in our industry and remove the limitations that may be holding back other credit unions. Our successes in this area encourage other credit unions to make decisions with confidence and in turn serve more underserved members.”
Serving Their Intended Purpose
Added CU Strategic Planning AVP of Certification Services Carrie Ostrem, “VyStar truly demonstrates that credit unions continue serving their intended purpose—providing affordable financial services for people of all backgrounds, especially those who are most financially and socioeconomically disenfranchised. Our work makes it easy to show up every day and unlock opportunities for credit unions and their communities. Congratulations, VyStar!”
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