National Credit Union Foundation
Encyclopedia
The National Credit Union Foundation (NCUF) is the United States credit union
movement’s primary national charitable fundraising organization for credit union development. NCUF is an affiliate of the Credit Union National Association
(CUNA) and is located in CUNA's offices in Madison, Wisconsin.
The National Credit Union Foundation engages in a variety of activities to help credit unions create greater access to affordable financial services, provide widespread financial education, and empower more consumers to save, build assets, and own homes. In its 30+ years, the Foundation has given more than $25 million in grants in support of its mission to promote and improve consumer financial independence through credit unions. In late 2010, NCUF announced that it was going to focus its programs and grants more on financial education .
In times of disaster, NCUF raises and distributes funds to aid credit unions, employees, volunteers and members in the affected region through its National Credit Union Foundation Disaster Relief Fund. The Foundation raised over $3.5 million in the aftermath of Hurricane Katrina
, a record for the credit union system. For disaster relief fundraising for the credit union system, the Foundation developed CU Aid, the credit union movement's first online disaster relief fundraising system.
NCUF is a 501(c)(3) tax-exempt charitable organization governed by a volunteer Board of Directors composed of executives from the credit union movement as well as an at-large representative.
, MEMBERS Trust Company, or a designated corporate credit union. The return on the investment is split between the credit union, NCUF, and the investing state's credit union league or foundation. Proceeds from the fund are then used to fund a variety of NCUF's national programs as well as state credit union league and foundation development initiatives.
, became a program of the NCUF. REAL solutions works through state credit union league
s to provide services for people of low income and victims of predatory lending
practices. The program provides alternatives to payday loan
s for credit union members.
television series devoted to financial education for children. The show explains basic economic concepts and features young entrepreneur
s.
, the National Credit Union Foundation "meets the BBB Standards for Charity Accountability."
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
movement’s primary national charitable fundraising organization for credit union development. NCUF is an affiliate of the Credit Union National Association
Credit Union National Association
The Credit Union National Association, commonly known as CUNA , is a national trade association for both state- and federally-chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, professional development, and...
(CUNA) and is located in CUNA's offices in Madison, Wisconsin.
The National Credit Union Foundation engages in a variety of activities to help credit unions create greater access to affordable financial services, provide widespread financial education, and empower more consumers to save, build assets, and own homes. In its 30+ years, the Foundation has given more than $25 million in grants in support of its mission to promote and improve consumer financial independence through credit unions. In late 2010, NCUF announced that it was going to focus its programs and grants more on financial education .
In times of disaster, NCUF raises and distributes funds to aid credit unions, employees, volunteers and members in the affected region through its National Credit Union Foundation Disaster Relief Fund. The Foundation raised over $3.5 million in the aftermath of Hurricane Katrina
Hurricane Katrina
Hurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall...
, a record for the credit union system. For disaster relief fundraising for the credit union system, the Foundation developed CU Aid, the credit union movement's first online disaster relief fundraising system.
NCUF is a 501(c)(3) tax-exempt charitable organization governed by a volunteer Board of Directors composed of executives from the credit union movement as well as an at-large representative.
Community Investment Fund
The Community Investment Fund is a partnership between NCUF and state credit union leagues and foundations. The Community Investment Fund is NCUF's primary funding mechanism. Credit unions invest in a Community Investment Fund account with either the National Cooperative BankNational Cooperative Bank
National Cooperative Bank is a cooperative financial institution chartered by the United States Congress in 1978, primarily to serve the financial needs of cooperatives...
, MEMBERS Trust Company, or a designated corporate credit union. The return on the investment is split between the credit union, NCUF, and the investing state's credit union league or foundation. Proceeds from the fund are then used to fund a variety of NCUF's national programs as well as state credit union league and foundation development initiatives.
REAL solutions
In 2007, REAL (Relevant, Effective, Asset-building, Loyalty-producing) Solutions, a project of the Filene Research InstituteFilene Research Institute
The Filene Research Institute is a credit union and consumer finance think tank headquartered in Madison, Wisconsin. It is committed to research and innovation to further the credit union movement. The Institute was founded in 1989 and is named for Boston-based United States credit union pioneer,...
, became a program of the NCUF. REAL solutions works through state credit union league
Credit union league
A credit union league is a United States state-level trade association for credit unions, which are non-profit financial cooperatives. Credit union leagues hold a primary interest in the Credit Union National Association ....
s to provide services for people of low income and victims of predatory lending
Predatory lending
Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly...
practices. The program provides alternatives to payday loan
Payday loan
A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card...
s for credit union members.
Biz Kid$
Biz Kid$ is a PBSPublic Broadcasting Service
The Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
television series devoted to financial education for children. The show explains basic economic concepts and features young entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
s.
Charity rating
According to the BBB Wise Giving AllianceBBB Wise Giving Alliance
The BBB Wise Giving Alliance is an association of charities formed by a merger of the National Charities Information Bureau and the Council of Better Business Bureaus' Foundation and its Philanthropic Advisory Service . It publishes a set of standards of accountability for charitable...
, the National Credit Union Foundation "meets the BBB Standards for Charity Accountability."
External links
- National Credit Union Foundation: http://www.ncuf.coop
- CUNA: http://www.cuna.coop
- CU Aid: http://www.cuaid.coop