It is no secret that the financial recession has had a tremendous impact on everyone. Each day presents a different situation and we continuously develop ways to help our members and our communities get through these ensuing difficult times.

By working with members who lost their jobs, restructuring their loan obligations whenever possible, and offering guidance on how to best handle their financial setbacks, in many circumstances, has allowed them to stay in their homes with renewed hope. Along with lending products such as student, first-time homebuyer, and a variety of consumer loans, we developed a holiday and home heating helper loan where a member can spread the costs of heating or holiday spending over one year.

With living expenses on the rise, we work hard to provide low-cost deposit services, keeping modest fees, and in many cases waive them for individuals who need assistance. Thus, we've been able to help our members develop better savings habits and move in a positive direction to improve their financial well-being. We offer educational seminars on a variety of topics such as budgeting, financial management, and have provided free tax prep services to the community at large.

The credit union mission, "people helping people," becomes inherent in these hard times; the call for local charitable support is greater than ever. By also providing volunteer opportunities to our employees, our ability to lead by example has not only benefited our Members and the community, but our employees as well, who gain a better understanding of our mission, learning firsthand how to make a real difference in people's lives.

Philip Richards
SVP-Retail Sales and Service
IC Federal Credit Union, Fitchburg, Mass.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.