Members Credit Union was a national first-place recipient of the Louise Herring Award for Philosophy in Action. The national award, sponsored by the Credit Union National Association, recognizes only four credit unions of different asset sizes. Members CU won at the state level through the Connecticut Credit Union league and the national level through the Credit Union National Association for credit unions smaller than $50,000,000.
Recognized for member-focused policies and practices that demonstrate credit union’s philosophy of putting people before profits, Members is largely commended for its ITIN lending program. ITIN stands for Individual Taxpayer Identification Number, and is issued by the Internal Revenue Service for people who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number.
“Members CU is located in one of the most affluent areas of the country, yet our region also has a high concentration of under-served immigrants,” said Kathy Chartier, CEO of Members Credit Union.
Members CU is the first of only two credit unions in Connecticut to earn the Juntos Avanzamos (“Together We Advance”) designation for credit unions committed to serving and empowering Hispanic and immigrant consumers. The credit union has hired a Spanish-speaking staff, developed financial counseling specified to immigrants and a full array of saving and loan products that help them save, build credit, achieve citizenship, and make a large purchase, such as a home or automobile.
“We are helping legal permanent residents and ITIN residents in a very crucial way,” Chartier said. “It is very rewarding to get to know these members and help them achieve their goals and pursue their dreams.”
The award is named after Louise McCarren Herring, a credit union pioneer, who believed that the operational application of credit union philosophy – ‘people helping people’ – was a powerful force for good.