(June 13, 2012 - New York, NY) The National Federation of Community Development Credit Unions (Federation) was among the more than 900 participants at this year's Clinton Global Initiative America (CGI America), held June 7 and 8 in Chicago.
The Federation was one of 58 institutions to present a CGI commitment at the event through its Better Directions: Financial Security has no Age Limits program, which commits the Federation to expanding its program to build economic security for low-income seniors. The Federation participated at CGI as part of the Financial Inclusion Working Group.
Better Directions connects low-income and minority aging populations with comprehensive financial services, loans and investment products that safeguard their assets and build economic security. By bringing together networks of advocates for the aging in communities served by community development credit unions (CDCUs), the program seeks to deliver a holistic approach to economic security for older adults. The products and services offered by CDCUs participating in the program include savings products, affordable financing, pre-retirement investment products and debt reduction loans.
To date, credit unions in eight cities have participated in the Better Directions pilot program and have worked with over 800 seniors, providing them with more than $1.2 million in debt consolidation loans, anti-predatory loans and low-cost auto loans, as well as offering to basic checking and savings for previously unbanked seniors.
At CGI, Federation Senior Program Officer, Melanie Stern, committed to doubling the number of participating Better Directions sites from eight to sixteen to demonstrate that the existing model of CDCUs in partnerships with social service agencies can create positive impacts on a larger scale.
"This growth in the Better Directions program will create momentum for a broader expansion to other financial institutions," explained Stern. "Our goal is to see a total of at least 1,600 additional low-income seniors improve their economic and income status during the commitment period."
About the Federation: The National Federation of Community Development Credit Unions (Federation) is a certified CDFI Intermediary representing more than 240 community development credit unions (CDCUs). The Federation's member CDCUs provide credit, savings, transaction services and financial education to more than 1.7 million residents of low-income urban, rural and reservation-based communities across the United States, and hold over $11 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Colorado Springs, CO; Madison, WI; and San Francisco, CA. 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, please visit: www.cdcu.coop.
About the Clinton Global Initiative: President Clinton established the Clinton Global Initiative America (CGI America) to address economic recovery in the United States. The CGI America meeting in Chicago June 7th and 8th, focused on collaborative solutions to economic recovery in the United States. To learn more about CGI America, go to: http://www.clintonglobalinitiative.org.
© 2012 National Federation of Community Development Credit Unions.