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Illinois faith-based CU coalition moves forward
NAPERVILLE, Ill. (7/15/11)--An alliance of Illinois faith-based credit unions is regularly meeting to provide critical support and networking for each other.
A group of interns involved with a coalition of Illinois faith-based credit unions that regularly meets to help each other, posed together recently. With the group are Hiram Crawford (second from left), director with Israel Methcomm FCU, Chicago, and Illinois Credit Union League Regional Director Joyce Jackson (in middle). (Photo provided by the Illinois Credit Union League)
The group comprises more than 20 credit unions with an average of $500,000 in assets and nearly 290 members, said the Illinois Credit Union League. Their goals include networking to help each other with marketing, problem solving, reaching better efficiencies of scale in sharing resources, and gaining secondary capital. Marketing efforts include designing a basic website template so all of the credit unions can achieve an Internet presence. From an operational standpoint, the group coordinated FedComp data-processing training. This opportunity, made possible by a group scholarship from the Illinois Credit Union Foundation, provided about 30 individuals with the opportunity to improve the efficiency of their data-processing systems, performance and record keeping. Also, all the credit unions have worked with National Credit Union Administration Economic Development Specialist Malia Peel to obtain the agency’s low-income designation, a process that takes about 90 days. Currently, eight of the credit unions, as part of the alliance, hold the title. The coalition also is working with Olive Harvey Community College and other city colleges of Chicago to expose interns to credit unions and use their assistance in these projects. About four interns helped research certificate of deposit investment options for the credit unions. Other initiatives on the horizon include providing financial literacy training for board members--a regulatory mandate for federal credit unions and a “best practice” consideration for state-chartered credit unions--and developing community partnerships.


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