Fourth Quarter 2008
REAL Solutions program moves forward in 2009
REAL Solutions, a signature program of the National Credit Union Foundation is being expanded to Illinois during 2009 to allow as many credit unions as possible the opportunity to learn more about programs, products and services that can help credit unions grow by serving members who live paycheck to paycheck.
"REAL" stands for "Relevant, Effective, Asset-building, Loyalty-producing" Solutions.
The REAL Solutions program is designed to help credit unions offer services that have proven successful in serving people of modest means, working families, and "low wealth" households. More than 260 credit unions in 14 states with 6.2 million members are already participating in the program. Success stories are coming in daily telling how credit unions have been able to help their members with products and services.
There are five categories for the products and services: education, transaction services, savings, credit, and home ownership. Examples of REAL Solutions programs, products and services are payday lending alternatives, immigrant outreach (including check cashing, safe accounts, and wire transfer service), in-school branches, financial education courses, volunteer income-tax preparation assistance (VITA), and Matrimoney (R).
The ICU Foundation will conduct informational webinars to help credit unions become familiar with the main programs, products and services that are included under the REAL Solutions umbrella. Following each webinar, the Foundation will host in-person roundtable meetings for credit unions who are ready to take the next step or who have something in place currently. There are no fees for the webinars or roundtables, but pre-registration is required.
Credit unions that participate in the REAL Solutions program have access to:
- Proven products and services designed to meet the comprehensive needs of low-wealth families;
- Business models, technology and skills from REAL Solutions program consultants;
- State-level partner meetings featuring speakers who are subject experts that have created and introduced products and services for low-wealth households;
- Opportunity to select the specific products and services they will offer and access implementation assistance;
- Online learning center which will share best practices, a database created using tested research strategies, tools for identifying low-wealth members, and much more.
The Illinois Credit Union League and the ICU Foundation provide funding to underwrite the costs of the REAL Solutions program for Illinois credit unions.