America Saves Week: Summit CU inspires savings with competition
As part of America Saves Week, NAFCU is highlighting the efforts of member credit unions with strong financial education programs that encourage members to save and strengthen their personal finances. Today, learn how Summit Credit Union's (Madison, Wis.) Project Money program helps its members reduce debt and increase savings.
"We created Project Money to help participants better their daily lives in a format that also inspires thousands of our neighbors to improve their financial wellness and lives, too," said Summit Credit Union CEO & President Kim Sponem. "At its heart, Project Money is a public financial education program that helps people, families and larger communities become financially stronger through real-life financial tips they can put into action."
Structured as a seven-month competition with four competing teams, Project Money pairs participants with a Summit Financial Coach to help them work toward financial goals of reducing debt, increasing savings, and more. Throughout the year, participants attend educational sessions and share their progress through blogs and media interviews to inspire others in the community to join the savings mission.
At the end of the competition, the winning team – determined by the selection committee comprised of credit union employees – receives a $10,000 prize and the other teams receive $2,500.
"Project Money and all our financial education programs meet people where they are at in their financial journey," said Sarah Campagna, Summit's Managing Vice President of Business Development and Financial Empowerment. "At Summit, we believe anyone can be financially successful with some tools and knowledge to make it happen. In 11 Project Money seasons, 7 months each, 44 participants increased their savings by $450,981 and decreased their debt by $481,180."
NAFCU has pledged to promote financial literacy and ensure credit unions' members can reach their financial goals by working closely with credit unions, lawmakers and regulators. See NAFCU's resources. Many credit unions offer services to help members reach their financial goals; NCUA has resources available to both credit unions and members and the CFPB has additional consumer financial literacy resources available.
The America Saves Week program features a specific theme each day that aims to drive social conversations and public awareness. Today's theme is "Save with a Plan"; engage in the conversation with #MySavingsPlan, #SaveWithAPlan, and #ASW2020.
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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