President's Message

With the release of a third vaccine, we find ourselves in a dead sprint towards herd immunity. Like it or not, the starting gun to begin the race to economic recovery is about to fire. Will your credit union get a good jump off the block?

One year ago, the pandemic stopped our economy right in its tracks. Your members and all our various communities have endured significant personal and financial challenges.

Like COVID long-haulers, your members will feel the effects of the financial fallout for the foreseeable future.  For example, many individuals dipped deep into their savings, tapped their retirement accounts and relied on the federal stimulus payments simply to keep their heads above water.

That’s why it’s critical for credit unions—as a trusted financial cooperatives —to do everything they can to help members regain financial independence. While the Harvard Business journal may have disagreed in 2008 (“While doing good doesn't appear to destroy shareholder value, we found only a very small correlation between corporate behavior and good financial results”), it is fair to say today’s consumers and employees think differently. 

One way you can simultaneously help your credit union and serve your members is to provide them with access to a certified financial counselor. You can do that simply by sending someone from your staff through FiCEP, the credit union certified financial counselor program. This comprehensive training program will empower you or your staff member to provide better service to your members, deepen your relationship and establish yourself as a trusted community partner.

The League’s foundation—Credit Unions Building Financial Independence—will underwrite the cost for the first 20 participants to go through the training as a cohort. The training includes facilitated webinars in addition to self-directed study.

The foundation allocated funding for the FiCEP program because we believe it has the potential to help you grow your credit union while also lifting your members out of financial crisis and into financial stability.

The foundation has set an ambitious goal to achieve at least one certified financial counselor in place at every credit union. In time, with your support, we could even see a future with a certified financial counselor at every branch.

Imagine the competitive edge you will gain by providing your member with a counselor who will represent their member’s interests. How much stronger would our industry grow if Connecticut’s credit unions could tell consumers they can receive unbiased advice from a certified financial counselor and achieve their financial goals faster?  How much more support will we gain from policymakers when we can show increasing depth of our commitment to the financial well-being of our communities?

The only way to find out is by putting philosophy into action. Reserve one of the remaining seats in our FiCEP pilot program. Contact Dave Hinchey (dhinchey@culct.coop) to learn more.

Cooperatively,
Bruce