(September 28, 2007 - New York, NY) Western Corporate Federal Credit Union (WesCorp) was recently recognized for its membership in the National Federation of Community Development Credit Unions (Federation) as a Corporate Credit Union Sustainer, a special membership category for corporate credit unions wishing to support the work of the Federation and of community development credit unions (CDCUs) nationally. The Federation presented WesCorp President/CEO Bob Siravo with a special membership plaque during the corporate's Credit Union Outlook conference held last week in Las Vegas, Nevada.

“Community development credit unions provide invaluable financial services to underserved communities, and the Federation plays an important role in supporting their efforts in a variety of ways,” remarked Siravo.  “As a financial services cooperative, it's important to us at WesCorp that our common credit union values be continually promoted in the marketplace, and that affordable financial services are truly made available to low-income and underserved people. Our support of the Federation is one way we ensure those values and services are continually being delivered.”

“The Federation has worked with WesCorp for years, on a range of programs and projects,” explained Federation Executive Director Clifford N. Rosenthal. “Their decision to join us as our first Corporate Credit Union Sustainer solidifies this relationship and shows an increased willingness by the credit union system to support CDCUs. We look forward to establishing new avenues for partnership with WesCorp and other interested corporates.”

The Federation opened its membership to large credit unions that do not primarily serve low- income people in 2003 as part of its Community Development Partners program.  To date, that program has grown to include 43 so-called “mainstream” credit unions from across the country, including some of the nation’s largest. 

“We believe that serving underserved communities represents both an obligation and an opportunity for the credit union system, because by providing services to low-income/low-wealth consumers, we fulfill our mission as financial services cooperatives and at the same time, establish our presence in untapped markets that offer us a tremendous growth potential,” said Pablo DeFilippi, Federation Associate Director for Membership Development. 

The Federation is making a concerted effort to engage all sectors of the credit union community, and formalizing relationships with corporate credit unions represents a natural progression of a strategy designed to mobilize additional resources.  “Our Corporate Credit Union Sustainer membership was developed as a vehicle to allow corporate credit unions to formally and systematically support the Federation’s network of CDCUs,” explained DeFilippi. “We thank WesCorp for its leadership and look forward to working with a growing number of corporate credit unions to bring more affordable and equitable credit union services to America’s most needy communities.”

© 2007 National Federation of Community Development Credit Unions.