Self-help joins pathways to financial empowerment
Measures impact of financial counseling and coaching in California and North Carolina
NEW YORK, NY (August 17, 2017) — The National Federation of Community Development CreditUnions (Federation) today announced that $966.2M Self-Help Federal Credit Union and $851.3M Self-Help Credit Union have successfully launched financial counseling and coaching pilots with the Pathways to Financial Empowerment program. Self-Help FCU’s Pathways pilot has launched in their Pittsburg and Vallejo branches in the Bay Area in California, while Self-Help CU’s pilot is operating in two of the credit union’s Asheville, North Carolina branches. Through this pilot, Self-Help is working with expert counselors to offer one-on-one financial counseling to credit union members, using the Pathways to Financial Empowerment platform to track individuals’ financial well-being and the impact of the credit unions on their communities.
Launched by the Federation and Neighborhood Trust Financial Partners in 2015, Pathways to Financial Empowerment is a financial counseling model that helps credit unions deliver consistent, best-practice financial counseling and coaching, supported by first of its kind technology, to low-income and underserved people.
“We are excited to have Self-Help join our growing network of Pathways credit unions, bringing outcomes-driven financial counseling to the underserved communities Self-Help serves in California and North Carolina. While community development credit unions have provided financial counseling for years, Pathways provides the first integrated tool to structure consistent financial coaching sessions, help members to set financial goals and to track progress toward those goals,”says Cathie Mahon, Federation CEO.
“We are always looking for ways to provide more and better financial coaching and other forms of education that promote financial empowerment,” said Steve Zuckerman, President of Self-Help Federal Credit Union. “We appreciate the Federation and Neighborhood Trust for developing the Pathways platform, which is helping us try new ways to support our staff and members.”
Today, twelve community development credit unions are on the Pathways technology platform, and have served more than 2,000 members across the country.
Credit unions interested in learning more about the Pathways to Financial Empowerment program should contact Michelle Parker, Federation Program Officer, at firstname.lastname@example.org.
Pathways to Financial Empowerment is made possible by generous grants from the
MetLife Foundation and Capital One.
Self-Help, Neighborhood Trust and Federation staff meet in Asheville, NC for Pathways training this summer
About The National Federation of Community Development Credit Unions
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.
Self-Help is a community development lender headquartered in Durham, NC. Founded in 1980, Self-Help has provided over $7 billion in financing to 131,000 families, individuals and businesses underserved by traditional financial institutions. It helps drive economic development and strengthen communities by financing hundreds of homebuyers each year, as well as nonprofits, child care centers, community health facilities, public charter schools and residential and commercial real estate projects. Through its credit union network, Self-Help’s two credit unions serve more than 130,000 people in North Carolina, California, Chicago, Florida and Wisconsin and offer a full range of financial products and services. Learn more at www.self-help.org