Skip to main content

Best Of 2024: Supporting Member Financial Wellbeing

A look back at how credit unions championed member financial wellbeing in 2024 with innovative products and services that meet members where they are and help them thrive.

Junk fees, rising living costs, and inflation rates that still lean hot make it difficult to save some scratch for a rainy day, much less afford a home to keep your head dry. Luckily for those living on Main Street, Supporting Member Financial Wellbeing is a core tenet to a credit union’s work.

Of course, “financial wellbeing” can include loan or deposit products, financial education, or something else entirely depending on the life status and financial position of any individual member. Despite that challenge, success stories abound of credit unions serving members where they are and how they need.

  • The economy is improving! At least, that’s what the data says. Unfortunately, many consumers — and Gen Z in particular — simply aren’t feeling it. To combat the “vibecession” funk credit unions are turning to social media and superior experiences.
  • Saving money is important, but stashing away even a modest amount can be an insurmountable feat with standard products and rates. But a new high-yield savings account at Langley FCU is improving nest eggs and financial acumen while boosting liquidity at the cooperative.
  • Junk fees? Not at Community Financial, where a fee-free checking product helps members budget their money and spend within their means.
  • Is retirement a pipe dream? Data from YouGov offers a rude awakening about financial security in the twilight years; it also sheds light on how credit unions can help members better plan for life after a paycheck.
  • Members’ mortgage needs are as varied as the homes they hope to purchase. So why do most programs treat all borrowers the same? In the name of equity and accessibility, Honor Credit Union in Michigan segments its mortgage products by demographic, profession, and more.

How about your credit union? How do you support member financial wellbeing? What successes have you notched? What lessons have you learned? Let us know, and we might feature your story on CreditUnions.com.

Comments

Popular posts from this blog

Update: First Responder Credit Unions Academy (FRCUA) Udates

In an ongoing effort to keep your FRCUA education current, modules are continually updated to reflect current NCUA and other regulatory agency requirements. As an example, BSA 26 now includes  Artificial Intelligence and BSA,  Elder Financial Exploitation,  Pig Butchering & BSA, and Executive Order –  Free and Fair Banking.

Mortgage Rates Tick Down

MCLEAN, Va.--Mortgage rates moved slightly lower this week, with the 30-year fixed-rate mortgage averaging 6.56%, Freddie Mac reported. “Mortgage rates are at a 10-month low,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.” The 30-year FRM averaged 6.56% as of Aug. 28, down from last week when it averaged 6.58%. A year ago at this time, the 30-year FRM averaged 6.35%. The 15-year FRM averaged 5.69%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.51%, Freddie Mac said. ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

SIGN UP FOR YOUR CUSTOM HEALTH INSURANCE SOLUTION TODAY

 https://bizu65.allstatehealth.com/?password=demo ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

Wendelville Fire Chief Andrew Pilecki re-elected to FASNY board

Andrew Pilecki, the current fire chief of Wendelville Volunteer Fire Company, has been re-elected to the board of directors of the Firefighters Association of the State of New York. Pilecki has been a member of the fire service for more than four decades, including the past 22 years as a responder with the Wendelville company. Previously he was an active member of Columbia Hook and Ladder Co. He’s also a former assistant director of emergency management for the City of North Tonawanda. FASNY directors serve five-year terms of office. During his first term, Pilecki was instrumental in supporting the association’s pandemic response, championed fire company recruitment and retention efforts, and worked to amplify the needs of Western New York’s volunteer fire service at the state level, according to FASNY. “I’m honored to be re-elected and to continue advocating for the men and women who volunteer their time, risk their safety and serve their communities across the state,” Pilecki said. “...

Many CUs Likely to Face New Operating Challenges "Michael Moebs"

04/08/2024 09:04 pm By Ray Birch LAKE FOREST, Ill.—The trend lines don’t lie: Financial institutions charging high overdraft fees will likely face operating challenges in the near future and may even be forced to merge if they don’t follow the market trend of lowering their OD charge. Michael Moebs, economist and chairman of Moebs $ervices, is offering that forecast following his company’s new overdraft study, which has found overall net OD revenue for 2023 was down 5.7%, with banks dipping by 8.1% to $31.4 billion, thrifts falling by 28.6%. and credit unions actually increasing net revenue 2.2%. The study further reveals the m...