"I encourage credit unions and their members to utilize the Call Center and the electronic tool kit to the fullest extent possible," Chairman Fryzel said.

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.

-NCUA-

Last week I was interviewed by WBKO concerning a groundbreaking for a "Green" building addition at the Campbell Lane office. (Click here to view video)WBKO Here is what was said:

Plans are in place for a "Green" addition to a Service One Credit Union branch.

This new addition will be the first of this magnitude in Bowling Green.

"Leadership in Energy and Environmental Design," otherwise known as LEED, sets the prestigious rating standards to which the addition will be built.

When complete, this new addition will receive a platinum ranking, which is the highest rank a building can receive from the U.S. Green Building Council.

"I brought the idea to the board because we needed to add space to our Campbell Lane branch," said Valerie Brown, President and CEO of Service One Credit Union.

"It was built in 1987, and we have a break room smaller than my office."

The Campbell Lane Service One branch is the largest with around 40 employees, and when an addition was mentioned, Brown felt it would be best to go green.

"Energy conservation, environmental sustainability, these are becoming part of our collective consciousness," said Brown.

Brown wants the building to be viable in the future, and says there are many benefits in addition to helping the environment.

"We believe that it will add value to our members," said Brown.

"It will serve as a green building example in the community, and I think it's something that our membership and the community will be very proud of."

Bowling Green Municipal Utilities is providing help with solar panels, City and County Storm Water Management helped with the bio-retention basin, and the Tennessee Valley Authority is giving suggestions for geothermal heating and cooling.

One feature Brown says she is most excited about is the green roof, which lasts up to 30 years longer than regular rooftops.

Brown believes this addition will be a new start for our community.

"I believe with climate change being talked about so much and some of the other issues, the cost of energy, the cost of gas, that it's a step we all can make," said Brown.

Brown, blueprint designers, and many various organizations have been creating their plan since last November.

Service One Credit Union will hold a groundbreaking at the Campbell Lane location next Thursday, May 22, at 11:30 a.m.

I found this article in CUNews today. It is encouraging to see this type of financial literacy awareness beginning to emerge. Let us know if you need a program for your workplace.


WASHINGTON (4/30/08)—The U.S. Treasury Department Tuesday launched an initiative to improve financial education efforts and increase access to credit union and bank accounts for Americans "currently outside of the financial mainstream."

The Community Financial Access Pilot will provide low- and moderate-income people in selected communities with needed access to financial services. The initiative was recommended by the President's Advisory Council on Financial Literacy.

"Through this pilot, Treasury will work with banks, credit unions, community leaders, and educational providers to target the nearly 10% of American households estimated to fall outside the financial mainstream," said Dan Iannicola, Jr., Treasury deputy assistant secretary for financial education.

Iannicola announced the initiative in Jacksonville, Fla., one of eight communities participating in the new pilot program. The other participating communities include Brownsville, Texas; Cowlitz County, Wash.; Eastern Kentucky; Mississippi Delta, Miss.; Fresno, Calif.; Philadelphia, Pa.; and St. Louis, Mo.

"Having a bank account is a critical part of being able to participate in our vibrant economic system," said Charles Schwab, chairman of the President's Advisory Council on Financial Literacy.

"This pilot will target the low-income families who need access to basic financial services, so they can stop paying outrageous fees just to cash a check or pay a bill. It will also give low-income families access to basic financial education so that they can begin to build a better future."

The number of families using alternative financial service providers is estimated to be as high as 50 million, according to Treasury.

The Credit Union National Association (CUNA), leagues and credit unions also support financial literacy efforts for all Americans. CUNA earlier this week announced new features to its financial literacy clearinghouse: cunapfi.org.

The clearinghouse provides information for anyone in the credit union movement looking for statistics, methods, and materials to improve the ability of members and potential members to manage their money wisely using credit union services.

Among the most recent additions to cunapfi.org:

Evidence and ideology in assessing the effectiveness of financial literacy education. (Research analysis from Lauren E. Willis, University of Pennsylvania Law School.);


A look at the financial state of Gen X and Gen Y." (A new study from the American Savings Education Council and AARP.)


A 2008 parents and money survey.(The views, behavior, and knowledge of spending, saving, borrowing, and earning money of American teenagers between the ages of 13-18, as seen through the eyes of their parents, from the Charles Schwab Corp.)


"Here's your chance to tell the government what to do;" an online soapbox for comments for the President's Advisory Council on Financial Literacy—requires free registration/login.


Federal Deposit Insurance Corp. statement on financial literacy and education. (Congressional testimony from the FDIC's Robert W. Mooney.)
"We hope that financial literacy advocates throughout the credit union movement will use cunapfi.org as a jumping-off point for their efforts to help people of all ages and economic means make better use of their income and build wealth," Mark Condon, senior vice president of CUNA's Research & Advisory Services, said recently.

I received the following information in today's email and believe it to be valuable. If you have any problems understanding your credit report, be sure to let one of SOCU's employees help you decipher it.

2/4/2008 - Daily Cents article
Get Your Credit Reports Ready...FICO 08 is Coming
If you have ever applied for a loan, you have undoubtedly sat there having heart palpitations while your credit report is being run to determine your FICO score. You are thinking back on those late payments you made while you were in college 10 years ago or the $275 credit card bill that you just chose to ignore when you were 21-years-old (and obviously had more pressing things to think about…).


Well, the current FICO scoring system as we know it is getting an overhaul, and the result is FICO 08. FICO 08 will be complete this spring and is designed to help lenders reduce loan default rates by 5-15%. The good news is that the new system is designed to cut consumers a little slack on the occasional late payment but will come down harder on habitual offenders.


Scores will range from 300-850 and will take into consideration the same factors as the old version including payment history, length of credit history, amount of debt, ratio of debt to available credit, and recent new credit.



So if you haven’t done it lately, now might be a good time to get a free copy of your credit report and strategize on how to best manage your debt and credit history…or you could always go run a marathon instead – it might be less painful.

NCUA's Hood stumps for Financial Literacy

CUNA NEWS, ALEXANDRIA, Va. (10/22/07)--National Credit Union Administration (NCUA) Vice Chair Rodney Hood last week re-emphasized his support of financial literacy as a starting point to make a difference in the lives of all credit union members, particularly the underserved.

"Reaching out to the underserved is the responsibility of the entire financial services community," Hood said. "Individuals will never reach the financial mainstream unless they are aware of the services available which will empower them to do so."

He delivered his remarks during a Federal Reserve Bank of Chicago reception honoring the partnership between Operation HOPE, a national consumer advocacy group with a focus on providing economic empowerment programs to minorities.

"I believe that establishing and developing innovative partnerships between credit unions and results-oriented, outreach organizations such as Operation HOPE, Inc. is critical to meeting the needs of our nation's underserved communities," the NCUA vice chairman said.

He added, "In fact, according to a recent study published by the Federal Reserve, it is estimated 28 million people are unbanked in the United States today, and over 45 million underserved lack adequate access to credit."

Hood said successful financial education efforts require outreach programs, that the most effective require face-to-face counseling as opposed to self-study curricula or telephone counseling.