Promoting Thrift, Fighting “Debt Culture”

(May 20, 2008 – New York, NY)  For many years, Federation spokespersons have emphasized the importance of savings as well as prudent use of credit as a key means to fight poverty and build wealth.  When the Institute for American Values, a nonprofit research organization, recently approached the Federation to support its campaign on both these fronts, it was a natural fit.  The Federation endorsed a recent research report by the Institute and cosponsored its Washington, DC conference on May 12-13, entitled For a New Thrift: Confronting the Debt Culture, which brought together a high-level national and international audience to identify the roots and possible solutions to these key economic problems.

Rita L. Haynes, former Federation Board Chairperson and CEO of Faith Community United CU (Cleveland, OH), was recently honored by the Institute on American Values.

“We were delighted to read the Institute’s report, For a New Thrift: Confronting the Debt Culture, which presents a detailed and very complimentary history of credit unions in the United States,” said Federation President and CEO Cliff Rosenthal. 

The Institute honored Mrs. Rita L. Haynes, former Federation chair and CEO of the Faith Community United Credit Union (Cleveland, OH) with its New Thrift award at the conference.  In accepting the award, Mrs. Haynes remarked, “If all us work together and attack the enemy, which is greed, we can together do all things.”  Federation Board member and Mississippi State Senator Robert L. Jackson was a panelist at the conference, as well.

David Blankenhorn, President and CEO of the Institute for American Values, described the alliance with credit unions and the Federation as “a valuable opportunity to connect top scholars with pioneering credit union leaders from across the country.  I look forward to continuing this creative partnership in the months ahead."

“We were especially pleased with the report’s policy recommendations,” said Rosenthal.  The Institute supported additional funding for community development financial institutions (CDFIs), one of the Federation’s key initiatives, and supported credit union innovation and expansion.  Several of the Federation’s members, North Side Community FCU (Chicago, IL), Faith Community United CU (Cleveland, OH), and ASI FCU (New Orleans, LA), along with Community Development Partner State Employees’ CU of North Carolina, were cited for their exemplary work in developing alternatives to payday loans, as was Prospera CU (Appleton, WI).

Copies of the Institute’s report, For a New Thrift: Confronting the Debt Culture, are availably through the website, along with information about the overall initiative of the Institute for American Values, through the organization’s web site, www.newthrift.org.