Several Recognition Awards will be presented to New York credit unions during EXCEL 19, the New York Credit Union Association’s Annual Meeting & Convention. Today’s featured award is the Louise Herring Philosophy-in-Action Member Service Award, which is awarded to a credit union for its practical application of credit union philosophy within the actual operation of the credit union. It is awarded for internal programs and services that benefit membership.
This year’s winner is Good Neighbors FCU, which is being recognized for its Credit Builder Loan product. Through the reverse-style loan, members put a pre-selected amount of money towards that loan, along with an interest percentage. At the end of the term, they have the money they saved, minus interest, and have built their credit score up. The product is designed specifically for people who have who have a low credit score, or little or no credit history. The credit union implemented the loan product after expanding its field of membership to include low-income and other communities where individuals had limited access to the financial system.