REAL Solutions - Home

Through VITA Program, CUs Provide Free Tax Help

2012-01-31T10:00:00Z

From CUNA News Now – More than 12,000 free tax preparation sites will be open nationwide this tax season with an army of volunteers to help low- and moderate-income households with their tax preparation, according to the Internal Revenue Service (IRS). Credit unions will be among them.

Credit unions are offering their expertise through the IRS Volunteer Income Tax Assistance (VITA) program and the Earned Income Tax Credit (EITC) program. Also, IRS has a Tax Counseling for the Elderly (TCE) Program offering free tax help to taxpayers who are 60 and older, it announced Friday

VITA offers free tax help to people earning $50,000 or less. It provides trained and certified community and credit union volunteers to help taxpayers with special tax credits and completing their terms. Through the VITA program, credit unions help lower-income consumers keep more of their EITC refunds in their own pockets, according to the National Credit Union Foundation’s REAL Solutions VITA site.

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Click Here for the REAL Solutions® Volunteer Income Tax Assistance (VITA) Sites Implementation Guide & other Resources

Illinois Brings Back Real Solutions FiCEP Program

2012-01-25T10:00:00Z

From CUNA News Now – The REAL Solutions Enhanced Financial Counseling Certification Program (FiCEP) has been brought back to Illinois for a second year with two modifications to allow as many Illinois credit unions as possible to participate in the program, said the Illinois Credit Union League.

The enhancements include a reduction in cost and an increase in number and locations of proctored test sites. The Illinois Credit Union Foundation board will cover the cost of the REAL Solutions enhancement, so the only cost to Illinois credit unions is the purchase of FiCEP books and exams from the Credit Union National Association (CUNA).

In the first year of the Illinois program, 23 individuals from 11 credit unions graduated as Certified Credit Union Financial Counselors. According to the league, there are several benefits to the program, including…Click here to continue reading…

Click here to learn more about the enhanced FiCEP program

Fall 2012 Development Education Training Registration Opens

2012-01-19T05:00:00Z

Registration is now open for the Fall 2012 Credit Union Development Education (DE) training class taking place September 6-13 in Madison, Wis. Attendees of the six-day total immersion experience will learn about credit unions’ social responsibility and domestic and international development through interactive education and professional networking.

After attending the last training in April of 2011, Amy McLard, Vice President of Federal Legislative Affairs at the Missouri Credit Union Association in St. Louis, Mo. said, “DE training allowed me to meet with people from all across the country who are committed to serving credit unions in their communities, enjoy unique experiences, learn a lot, and come back with great ideas to incorporate the credit union philosophy into everything we do for our members.”

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MCUCD Equipping CUs in Montana with Financial Counseling Knowledge

2012-01-17T05:00:00Z

With the help of Montana Credit Unions for Community Development (MCUCD), credit unions in the state have embarked on a new program that will give their members access to both certified financial counselors and financial coaches.

“We’re really excited by this program. We believe it will help credit unions make an incredible difference in their members’ lives,” said Karen Smith, MCUCD Director of Outreach Services. “Knowing what makes good financial sense is the first step, but the next step is applying that knowledge – discovering and making the actual changes you need in your life. Now, imagine being able to get both at your local credit union. That’s what this program is going make possible in Montana.”

With the help of a Financial Education Grant from the National Credit Union Foundation (NCUF) and a grant from U.S. Department of Agriculture, MCUCD has established a unique program offering Montana credit unions an affordable avenue to have one or more staff members become trained financial counselors and/or coaches. In the past seven months alone, professionals from 14 of Montana’s 57 credit unions completed training. And that’s just the start.

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In-Depth Report Available - Credit Unions: Focused on Financial Capability Across the Nation

2012-01-09T05:00:00Z

For the first time, credit unions now have quantitative data to illustrate how the credit union movement is making a difference through financial education and counseling. The National Credit Union Foundation (NCUF) through its REAL Solutions™ program just released a free online report entitled “Credit Unions: Focused on Financial Capability Across the Nation,” which is the result of an almost yearlong data collection effort by NCUF with the help of state credit union leagues.

In an effort to help the credit union community understand the depth and breadth of existing programs, NCUF and REAL Solutions™ conducted a comprehensive national study of credit-union provided member and consumer financial education and counseling. The data derived from this study will be useful to state leagues/associations and the broader credit union industry because it quantifies the extent to which credit unions are providing opportunities for members/consumers to advance their financial knowledge and decision-making skills.

“Credit unions invest millions of dollars to provide financial education and counseling programs that touch millions of lives,” writes Bucky Sebastian, NCUF Executive Director, in the report. “Against a fragmented landscape where each credit provider is seeking maximum gain, not-for-profit credit unions continue to be true to their mission of serving as trusted advisors to their members and communities.”

““Credit unions invest millions of dollars to provide financial education and counseling programs that touch millions of lives,” writes Bucky Sebastian, NCUF Executive Director, in the report. “Against a fragmented landscape where each credit provider is seeking maximum gain, not-for-profit credit unions continue to be true to their mission of serving as trusted advisors to their members and communities.”

> Click Here to View/Download the Report & State Supplement Pages

What Credit Unions Can Learn From…Supersize Meals?

2011-12-22T10:00:00Z

I just posted the following over on the CU Water Cooler Discussion Blog. Hope you find it interesting:

According to an interesting new study, low-income consumers are more likely to order bigger portions of food (such as supersize meals) as a way to boost their status. It makes sense right? Typically people buy bigger homes, bigger cars, bigger TVs, etc. because bigger is perceived as better.

Is there an opportunity here for credit unions? Credit unions were born out of serving the unbanked and those of modest means. And credit unions are still serving those who need our help the most.

Recently, it was reported that 1 out of 2 people are low-income. Pay attention marketers – what if joining a credit union became synonymous with higher socioeconomic status, particularly among low-income consumers?

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"Credit Union Donations Can Help Prepare Children" - Biz Kid$ Program Coordinator Writes in CU Times

2011-12-13T05:00:00Z

This Op-ed piece originally appeared in the 12/14/11 issue of the Credit Union Times:

It should come as no surprise that financial education is critical and sorely-needed.

A survey from The Hartford Financial Services Group found that more than three-quarters of students report that they wish they had more help preparing for their personal finances.

Unfortunately, some educators are not providing a financial education course and may be unprepared to teach the subject, according to a report from the Financial Literacy and Education Commission. As a result, many lack the confidence to teach it to students.

That’s where Biz Kid$ comes in. Credit unions have long supported financial education. It’s even part of the credit union philosophy and one of the cooperative principles. It’s what we do and also a great differentiator. Supporting and teaching Biz Kid$ is a great way for credit unions to make an impact.

And, credit unions have stepped up. Over the past six years, 260 credit union system and affiliates have raised more than $10.4 million to support the show’s production, website and curriculum.

Biz Kid$ is the Emmy Award-winning and credit union funded public television series that teaches kids about money management and entrepreneurship. Many credit unions leverage Biz Kid$ to teach financial education in schools in their community. The website (bizkids.com) also features clips from the series, a blog and newsletter aimed at kids, and invites kids to appear on the show.

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Danielle Brown is Biz Kid$ program coordinator at the National Credit Union Foundation. Contact: 971-295-6800 or bizkids@ncuf.coop.

Biz Kid$ Films at Two NY CUs

2011-12-09T10:00:00Z

In a segment on understanding a line of credit and where they are available, Biz Kid$ recently filmed at Actors Federal Credit Union and Montauk Credit Union in New York, N.Y. The segment was filmed for an episode from Season five of Biz Kid$, which is the Emmy Award winning and credit union funded public television series that teaches kids about money management and entrepreneurship.

The Biz Kid$ segment features Susie Levitt and Katie Shea, who are young entrepreneurs and owners of City Slips, their company which sells folding “ballet slipper” style shoes that fold up and fit in a small pack that then expands out to become a tote that holds the heels. As they’ve been expanding their business, Levitt and Shea are now looking to better control their cash flow with the help of a business line of credit.

In the episode, Levitt and Shea visit Actors Federal Credit Union and Montauk Credit Union to compare what each offers with a line of credit to better educate themselves and viewers. They compare interest rates, repayment terms, and if minimum balances were required. Aside from learning that a line of credit is just one of the many services a credit union has to offer, viewers also learn that not only does a line of credit help with cash flow, but it also helps a business establish good credit which can help with future loans.

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New FiCEP Video from Mississippi CU Association

2011-12-02T10:00:00Z

The above video was put together by the Mississippi Credit Union Association and will be used to promote their 2012 FiCEP Class and to create a greater awareness for the program. Their enhanced version of the Credit Union Financial Counseling Certification Program (FiCEP) is available to credit union staff thanks to a collaboration between the National Credit Union Foundation’s REAL Solutions® effort, Credit Union National Association’s Center for Professional Development (CUNA CPD), and the league.

Click here for more information on the enhanced FiCEP program for CUs

REAL Solutions Financial Education Data Collection Update

2011-11-28T05:00:00Z

In 2011, the National Credit Union Foundation (NCUF) and its REAL Solutions® program conducted a comprehensive national study of credit-union provided member financial education to provide state leagues and the broader credit union movement with information that quantifies the extent to which credit unions advance consumer financial literacy and decision-making. Working with state credit union leagues/associations, NCUF’s goal is to provide data that can be used in public awareness-building and related outreach efforts to demonstrate the power of credit union education and counseling initiatives, and to help credit unions implement additional financial education products, tools and programs for members/consumers.

The data on which this report is based was collected through an online survey of U.S. credit unions. With few exceptions, the inventory consists of a census of the ten largest (as defined by the number of members) affiliated credit unions in each state. A primary objective of the report is to account for the credit-union provided financial education programs, products, and tools available to the greatest proportion of members possible during 2010. Data collection began in March 2011 and will continue through year-end at which point NCUF will refresh its focus toward collecting identical information for financial education provided during 2011. This report is based on information submitted by 576 credit unions from 45 states as of September 9, 2011.

The report will consist of 8 sections and compilation of case studies and state focused pages. The sections include:

Experiential Learning Programs,
Classroom Education,
Adult Seminars,
Financial Counseling,
On-line Games
On-line resource centers and tools,
In-school branches and
Community Partnerships

Twelve credit union and league case studies are included to provide examples of education programs that have proven successful and can be used to spur ideas and innovations by others. Case studies include Isabella Credit Union (Michigan), SchoolsFirst Credit Union (California), Rogue Credit Union (Oregon), State Employees Credit Union (North Carolina), HarborOne Credit Union (Massachusetts), Hawaii First Credit Union, Holy Rosary Credit Union (Missouri), Educators Credit Union (Wisconsin) and the Wisconsin, Texas and Michigan Credit Union Leagues.

There is a page for every state that tells their story about local financial education efforts. Each state page can be used as a stand-alone advocacy piece or as part of the whole report. To view the state pages click on the links below. The completed financial education report will be available by the end of the year.

As a reminder, credit unions may use the following URL to access the survey: https://vovici.com/wsb.dll/s/f49dg49018. Or, you can direct credit unions to simply visit this site at www.realsolutions.coop to access the survey.

Thank you for all your help!

State pages completed (click the state name to view)

Financial Counseling Best Practices Guide Now Available from Michigan

2011-11-22T10:00:00Z

Experienced Michigan credit union financial counselors share their best practices and financial counseling program details in a guide called Financial Counseling Best Practices that is now available on the Michigan Credit Union League (MCUL) website.

The guide was compiled by a working group of credit union financial counselors who are members of the MCUL & Affiliates’ Financial Education Council with the goal of gathering best practices to assist credit unions in forming or improving a formal or informal financial counseling program.

The best practices guide includes program details and the operational experiences of several Michigan credit unions. Credit unions just starting out in financial counseling may find information in the document to consider in creating a program and credit unions that have already established a program may find insight to best practices that can supplement their program.

Knowing the consumer need for trustworthy financial guidance while tight credit union budgets often restrict the number of staff able to attend a live training school, MCUL has for the past two years offered a unique guided self-study financial counseling training program attended by 180 credit union staff seeking to become Certified Credit Union Financial Counselors.

*This article originally appeared in MCUL’s Monitor newsletter on 11/21/11

Pennsylvania's Reality Fair Attracts State Officials at Capitol

2011-11-18T05:00:00Z

From CUNA News Now – The Pennsylvania Credit Union Association and the Pennsylvania Credit Union Foundation, through the National Credit Union Foundation’s REAL Solutions Project Initiative, sponsored their first Financial Reality Fair at the state Capitol in Harrisburg, Pa.

During the fair, more than 180 Pennsylvania high school students learned about the day-to-day realities of earning and spending and saving, including budgeting for a car, furniture, food and fun.

Students could spin a Reality Wheel to arrive at unforeseen gains or losses of money, such as flat tires, computer crashes, speeding tickets, tax returns, garage sale profits and overtime wages.

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See How Underbanked Your Community is with Bank On

2011-11-17T05:00:00Z

Have you seen this? It’s a neat tool I came across recently. It’s from the folks at Bank On and JoinBankOn.org by CFED in partnership with the San Francisco Office of Financial Empowerment, the National League of Cities and the New America Foundation, with support from the U.S. Department of the Treasury.

You can use the following tool to get estimates of the number of unbanked and underbanked households in your area and much more. Take a look:

> Bank On: Research Your Community Tool

Now what? Visit our Solutions section to find out how your credit union can help the underbanked in your community.

SchoolsFirst FCU Case Study Released from REAL Solutions Financial Education Report

2011-11-10T10:00:00Z

We’ve just released the first 1-page case study from the National Credit Union Foundation’s (NCUF) forthcoming national report from NCUF showing how the credit union movement is making a difference through financial education and counseling. This case study on Schoolsfirst Federal Credit Union is from the section of the report on classroom presentations.

Click here for the Schoolsfirst FCU case study

Click here to view the first state pages from the financial education report

The complete information compiled from the survey will provide state credit union leagues/associations and the broader credit union movement with fuel for state and national public awareness, advocacy, and related outreach efforts. Survey responses will create a rich, vibrant and sustainable source of data and statistics about the lives touched by credit unions.

NCUF has been using an online survey tool to gather this data since March. To date, over 550 credit unions from 46 states have completed the survey. All U.S. credit unions are invited to participate in the project.

Credit unions may use the following URL to access the survey: https://vovici.com/wsb.dll/s/f49dg49018. Or, credit unions can simply visit the REAL Solutions Impact Center at www.realsolutions.coop to access the survey.

For questions and additional information, please contact Lois Kitsch at lkitsch@ncuf.coop or (414) 793-1991. Read the full press release from March announcing the survey here.

Michigan CU League Helping CUs with Financial Counseling

2011-10-28T08:00:00Z

Knowing the consumer need for trustworthy financial guidance while tight credit union budgets often restrict the number of staff able to attend a live training school, the Michigan Credit Union League (MCUL) offered a unique guided self-study financial counseling training program last year that resulted in 72 new Certified Credit Union Financial Counselors from 33 Michigan credit unions. Since then, MCUL has reached an estimated 170 credit union staff and more than1,850 consumers.

Combining the lower cost and convenience of CUNA’s self-study Credit Union Financial Counseling Certification Program (FiCEP) enhanced with webinars and local in-person training and networking, the training enables credit union staff to become more confident in helping members build stronger financial futures. Read more about the enhanced FiCEP program here.

With the help of a grant from the National Credit Union Foundation’s REAL Solutions program, MCUL extended their FiCEP efforts in 2011, with an additional 101 credit union staff from 26 credit unions enrolled. The guided self-study portion provides bi-weekly interactive webinars on each of the eight FiCEP modules and two live training and testing sessions over a six-month period resulting in participants earning their designation of Certified Credit Union Financial Counselor. A major component of the enhanced training is working with counselors to develop a strategic plan to be implemented at their credit unions to obtain maximum impact for the credit union and the community.

“Using this information, I have been able to guide members through difficult decisions,” said Andrea Hacker, Northville Branch Manager at Community Financial Members Credit Union in Plymouth, Mich. “Before, I could tell members what they should be doing, but now I can work with them. It leaves both of us feeling empowered.”

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