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Educating and Delivering Financial Services to Low-Income, Underserved Residents and Businesses

A Good Idea

Description

Faith Community United Credit Union is a financial cooperative owned by its members who live, work, and worship in Cuyahoga County, OH. It is a certified Community Development Financial Institution with a faith-based philosophy of "people helping people." It has been providing affordable financial services for the underserved community of southeast Cleveland for nearly fifty years.

Goal / Mission

The goal is to offer members of poor and underserved communities ownership in an established financial cooperative. By purchasing shares in the Faith Community United Credit Union (FCUCU), individuals gain access to services and learn the difference between using what belongs to someone else and owning their own institution.

Results / Accomplishments

FCUCU was started in 1952 by a handful of volunteers who had each saved 25 cents a week until they had accumulated enough money to obtain a State Charter; it was staffed by volunteers and open only one day a week. In 2002, FCUCU celebrated its 50th anniversary with over 5000 members, $8 million in assets, five paid staff members, two AmeriCorps*VISTA members, and 50 other volunteers. It is open five and a half days a week with ATM access and offers both debit and credit cards.

About this Promising Practice

Organization(s)
Faith Community United Credit Union
Primary Contact
Rita L. Haynes
Faith Community United Credit Union
(216) 271-7111, ext. 11
Ritalh@prodigy.net
http://www.faithcommcu.com/
Topics
Economy / Investment & Personal Finance
Community / Community & Business Resources
Organization(s)
Faith Community United Credit Union
Source
Corporation for National and Community Service
Date of publication
8/31/2001
Location
Cuyahoga County, OH
Target Audience
Families

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A Good Idea meets the following HCI criteria:

  1. The program description includes: the sponsoring organization, program goals, program funding source, program implementation steps and outcomes.
  2. The program evaluation is limited to descriptive measure(s) of success/accomplishment (i.e., program participation rates, number of services/education sessions/radio messages provided). Note: oftentimes, the program has been newly implemented and a program evaluation has not yet been conducted. Programs that have not yet been evaluated, but which show promise in improving health or quality of life, are classified as Good Ideas until an evaluation is conducted.