Webinar for CUs serving low-income members set for Thursday

May 13, 2015

WASHINGTON (5/13/15)--A webinar on how credit unions serving low-income members can receive assistance in their mission is scheduled for Thursday.

The National Federation of Community Development Credit Unions and Neighborhood Trust Financial Partners announced the webinar last month, to coincide with the launch of their Pathways to Financial Empowerment initiative.

The Pathways to Financial Empowerment pilot will provide five credit unions with $20,000 grants to build or improve financial counseling programs. This month's webinar will provide information about the initiative and how more credit unions can apply.

The webinar is scheduled to begin at 2 p.m. (ET).  Completed Pathways to Financial Empowerment applications are due June 12.

According to the federation, more than one-third of low-income designated credit unions and 77% of community development credit unions offer some form of financial counseling. The Pathways initiative featured a survey of these credit unions that found most of those programs serve more than 100 individuals per year.

The survey also revealed most credit unions do not track the impact of the financial counseling programs. The initiative would allow credit unions that are selected a one-year license for a financial counseling database to track and report those results.