Federation CEO is recognized for financial empowerment
FOR IMMEDIATE RELEASE
New York, NY – (October 14, 2016) – Cathie Mahon, president/CEO of the National Federation of Community Development Credit Unions, is named Woman to Watch in the October 12, 2016 issue of Credit Union Times. Mahon received the honor for her commitment to helping low- and moderate-income people and communities achieve financial independence through credit unions.
“I am honored to be recognized as a CU Times Woman to Watch together with Miriam De Dios, CEO of Coopera, and Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues,” says Mahon. “Our industry is so fortunate to have powerful women like them in leadership positions, committed to promoting credit unions and the communities they serve.”
Tens of millions of Americans are financially insecure, lacking either the ability to meet monthly bills or the necessary savings to cover unexpected expenses. For economically vulnerable Americans, particularly Latino and African-American households, financial insecurity is compounded by lack of access to secure, affordable financial services. The credit union movement in the US has served people of modest means for over a century. A growing number of credit unions are focusing on our most underserved communities; these community development credit unions, also know as CDCUs, are represented by the Federation.
“I do feel really fortunate that I’m in an office and organization that is all about figuring out new ways that we can be giving back, helping people do more with what they’ve got, and helping people feel supported and not alone,” said Mahon to Tahira Hayes, author of the CU Times feature, Transforming the Lives of the Underserved.
Federation CEO since 2013, Mahon and her staff are developing new products designed specifically to support underserved consumers and the CDCUs committed to serving low-income members. Because Federation research has found that core banking technology is the second largest expense, after labor, for most credit unions, the Federation has partnered with EPL, a CUSO headquartered in Birmingham, AL, to develop CU Impact, a shared banking platform. CU Impact will include tools to allow community development credit unions to better compete with payday lenders and check cashers, and enhancements to facilitate grant reporting and impact tracking. Significant cost savings have been negotiated by the Federation specifically and exclusively for CDCUs.
Mahon says that what people value most is the trusted relationship they share with their credit union. “The Federation is here to invest in, innovate and advocate for, and build the capacity of CDCUs, so that they can focus their time on building those trusted relationships with their members.”
For more information about Cathie Mahon, CDCUs, Federation initiatives, and CU Impact, visit www.cdcu.coop.
About the Federation
The National Federation of Community Development Credit Unions is a certified CDFI intermediary representing community development credit unions (CDCUs). The Federation’s member CDCUs provide credit, savings, transaction services and financial education to more than 6 million residents of low- and moderate-income urban, rural and reservation-based communities across the US, and hold over $60 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, visit www.cdcu.coop.
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Clarissa Ritter, Federation Marketing