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Financial education a ‘game changer’

CU helps low- and moderate-income members join the financial mainstream.

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Designations to serve low-income communities have given Government Printing Office (GPO) Federal Credit Union in Washington, D.C., the flexibility to become a true community partner.

In 2013, NCUA designated the $38 million asset institution as a low-income credit union. And in 2015, GPO Federal received certification from the U.S. Treasury’s Community Development Financial Institutions Fund. These classifications provide access to financial grants and other benefits that help the credit union serve low- and moderate-income consumers and promote financial inclusion.

Among the credit union’s partners is the Community Preservation and Development Corp. (CPDC), a nonprofit real estate developer focused on the acquisition, redevelopment, and operation of affordable housing for low- and moderate- income residents.

The credit union provides financial education and affordable products and services to CPDC residents to help them join the financial mainstream.

“We teach them to manage their money, because if they can manage their money they can become productive citizens,” says Tim Anderson, GPO Federal’s president/CEO. “Using affordable products and services provided by the credit union is a byproduct of that.”

Read the full article here.

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