Faith Based Credit Union Alliance collaborate to enhance member service through core processing
Ten faith-based credit unions serving minority communities within Chicago have worked together and pooled their resources for the past decade as the Faith Based Credit Union Alliance (FBCUA). This alliance is now announcing its latest collaboration to enhance member service by introducing new, or elevating existing, core processing services. For Minority Depository Institutions (MDIs), financial inclusion of the unbanked and the underbanked is even more important. Offering quality service with widespread access to financial services is an important way credit unions serve all their members.
This project will receive funding from the Illinois Credit Union League Foundation, Inclusiv and Citi. ICUL and Inclusiv, with support from Citi, will be working closely with FBCUA on the compliance and training needed to ensure this project's success.
FBCUA's decision to collaborate on core processing services grew out of an early pandemic-related need to offer remote services.
Israel Methcomm, Park Manor, Berean, Bethel, St. Mark, Fellowship Baptist, St. Helena Parish, Pilgrim, South Side, and Shiloh Englewood credit unions went beyond this temporary need to collaborate for greater access and service to their members on an ongoing basis by entering a core processing contract with AMI. Services will include a hosted platform with document storage, online banking, mobile banking, electronic forms, e-signatures, and photo/ID signature verifications.
FBCUA Directors Hiram and Joronda Crawford issued a joint statement about the collaboration saying:
We of the Faith Based Credit Union Alliance are grateful for all of our supporters who are helping ten of our credit unions receive a common core processor. It will allow our members to access us twenty four hours a day, will give our members access to mobile banking, and will provide each of us an interactive website and so much more! We are eternally grateful to the Illinois Credit Union League, Inclusiv, Citi and all of the other supporters.
ICUL President Tom Kane is enthusiastic about the project. "I commend FBCUA for taking action to turn a challenging time into an opportunity to advance member service," says Tom Kane. "ICUL strongly supports this effort, and we look forward to working with everyone involved to achieve and even exceed service expectations. Helping credit unions better serve their members is what we do here at ICUL."
Inclusiv president and CEO Cathie Mahon is also proud to assist FBCUA in broadening member access to services. With support from Citi, Inclusiv's Resilience Fund will provide grants totaling $100,000 to the FBCUA. "Inclusiv is thrilled to provide financial resources and technical assistance to members of the Faith Based Credit Union Alliance," says Cathie Mahon. "We have been working closely on sustainable growth for these credit unions who serve largely African American Chicagoans. Selecting a shared vendor for core processing will help modernize many of these small faith-based credit unions so that they can soon provide online and mobile services that their members are coming to expect from financial institutions."
About the Illinois Credit Union League
The Illinois Credit Union League is the primary trade association for more than 260 state and federal credit unions in Illinois. It focuses on providing legislative and regulatory advocacy, compliance assistance and information, and a wide range of educational and training services to those credit unions, who in turn serve approximately 3.4 million members. More information can be found at www.icul.com.
At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve over 10 million residents of low-income urban, rural and reservation-based communities across the US and hold over $112 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at Inclusiv.org and connect with us on Facebook, LinkedIn and Twitter.