We know the credit union philosophy is what brings the 'credit union difference' to life. We also know that having financial knowledge and tools can make a difference for families, especially in these challenging financial times. We created the Make The Difference campaign to further strengthen financial education efforts by Texas credit unions
Dallas, TX (PRWEB) April 24, 2009
Kappa Alpha Psi Federal Credit Union (KAPFCU), the country's first "virtual credit union", was recently awarded a $500 Making a Difference grant from the Texas Credit Union Foundation (TCUF). The grant will be used to provide financial literacy and credit counseling to youth in Plano and Richardson, Texas. KAPFCU is certified by the Department of Treasury as a community development financial intuition (CDFI) and a NCUA designated low income credit union (LICU) based in Dallas, Texas. TCUF is a non-profit organization dedicated to progressive professional development of credit union staff and volunteers, financial education programs for youth and adults, and creating valuable resources for Texas credit unions and the communities they serve.
The Make A Difference campaign promotes, celebrates and encourages financial education efforts among credit unions and their communities throughout Texas. "We know the credit union philosophy is what brings the 'credit union difference' to life. We also know that having financial knowledge and tools can make a difference for families, especially in these challenging financial times. We created the Make The Difference campaign to further strengthen financial education efforts by Texas credit unions," said TCUF Executive Director, Jill Pharr.
"While we can't change the world with a $500, this is the first step on the long road to creating intergenerational wealth. A journey of a thousand miles begins with one step. This grant from the Texas Credit Union League represents the first time that KAPFCU has received any type of financial support from the credit union industry," said KAPFCU Chairman/President, Victor Russell.
"As a virtual institution, we've been an ugly duckling for nearly four years. Our balance sheet and profit/loss profile differs from most community based credit unions. We don't have a physical office, we operate through a 20 member advisory board and management team. KAPFCU provides service to the entire country - instead of a local geographic market. We just don't look like the typical low income or community development credit union. Consequently, it has been very difficult for us to successfully receive financial support from credit union or philanthropic communities," extols Michael McCray, KAPFCU Administrator of Community Development Financial Initiatives.
The TCUF grant will support the Credit Abuse Resistance Education (CARE) project which teaches high school students financial literacy and how to avoid debt. KAPFCU also supports Greeks Learning to Avoid Debt (GLAD) project which provides similar financial training and debt avoidance to undergraduate college students. According to Nellie Mae, a leader in college loan counseling, the average college student carries more than $2,000 in credit card debt and more than ten percent have more than $7,000 in debt, which nearly doubles when students only pay minimum balances because of high interests.
"On September 7, 2007 - Dwayne M. Murray, Esq. Grand Polemarch, CEO of Kappa Alpha Psi Fraternity, Inc. announced that Kappa Alpha Psi Fraternity, Inc. has partnered with the National Association of Bankruptcy Trustees (NABT) and several United States Bankruptcy Courts to actively promote CARE and GLAD," explains Kevin Burnett, KAPFCU Board of Directors.
The credit union movement is stagnating with ageing baby boomers. Recent, NCUA statistics indicate that the average age of credit union members is currently 55+. In contrast, the median membership age of KAPFCU is 18-24. Efforts to increase our field of membership to include historically Black colleges and Universities, use of internet technology and a national fraternal base are all reasons KAPFCU has been able to defy the trends and invigorate financial literacy and education with high school students and college youth.