This week’s New York Minute features engaging updates and inspiring stories from across the credit union community. We shine the spotlight on Laurie Baker, President and CEO of The Summit Federal Credit Union, learn more about the Association’s participation in Habitat for Humanity’s Capitol Build Day, and celebrate the new leadership at Actors Federal Credit Union. Plus, get insights on preparing members for homeownership with valuable strategies and resources.
Director Spotlight: Meet Laurie Baker
This week, we spotlight Laurie Baker, President and CEO of The Summit Federal Credit Union and member of the Association’s Board of Directors. Discover Laurie’s inspiring journey within the credit union industry, from her early experiences as a teller to leading the credit union.
Dive into her story to learn about the impactful roles she has played, her dedication to community service, and her insights into the credit union movement. To read all about Laurie’s contributions and her vision for the future of credit unions, click below!
Credit Unions Participate in Capitol Build Day in Partnership with Habitat for Humanity
On Tuesday, May 21st, New York credit unions converged on the steps of the Capitol building in Albany to participate in Capitol Build Day organized by Habitat for Humanity New York State. This event allowed volunteers to frame the walls of a house to be donated to a New York resident. The purpose of this event was to bring people together to build homes, communities, and hope, as well as bring increased attention to affordable housing in New York State.
As the presenting sponsor, New York credit unions were able to raise over $50,000 to benefit the event and over 80 credit union volunteers participated in the build. The Association would like to thank all credit unions who raised funds for the event and/or provided volunteers. Thank you to:
Their contributions were instrumental in making Capitol Build Day a resounding success. The collaboration between credit unions and Habitat for Humanity, as well as the other volunteering organizations, highlights the significant impact that community-focused organizations can have when they work together towards a common goal. This event would not have been possible without your generosity and support.
We would also like to thank the many state senators and assembly members who stopped by throughout the day to join in on the build. The involvement of these lawmakers not only highlighted the bipartisan support for addressing housing issues, but also provided an opportunity for them to engage directly with their constituents and witness the positive impact of such community-driven efforts. Their hands-on participation and encouragement were greatly appreciated by all volunteers and organizers.
In addition to the physical build, the event included a brief ceremony where several key figures addressed the volunteers. Notable speakers were Bill Mellin, President & CEO of the New York Credit Union Association and Mary Robinson, President & CEO of Habitat for Humanity New York State.. Their speeches underscored the positive impact of collaborative efforts and emphasized the need to provide secure, stable homes for New York residents.
This is the second time Habitat for Humanity of New York State hosted this event at the Capitol and have been joined by New York’s credit unions as a presenting sponsor. “Capitol Build Day exemplifies the credit unions’ mission of ‘People Helping People’” stated Bill Mellin. “We’re honored to partner with Habitat for Humanity to be able to assist in providing affordable housing to New Yorkers, and we will continue to engage in initiatives that foster financial growth and opportunities in our communities.”
The successful Capitol Build Day has not only provided a deserving family with the hope of a new home but has also set a precedent for future events. Both Habitat for Humanity New York State and New York credit unions are committed to continuing their partnership and exploring more opportunities to support affordable housing projects across the state.
Chuck Brown Named as New President & CEO of Actors Federal Credit Union
The Association congratulates Chuck Brown on his appointment as the President and CEO of Actors Federal Credit Union. Chuck has been an integral part of Actors FCU since 1986 where he started as a lending underwriter and progressed to chief compliance and risk officer, and now to the helm of the organization.
Chuck’s deep commitment to an extensive experience within the credit union are set to guide Actors FCU into the future. His leadership is poised to enrich the credit union’s offerings, aligning with its mission to serve its members and the creative community with integrity and dedication. We look forward to seeing the impact of his vision and leadership at Actors FCU.
Read more about the appointment by clicking below!
Helping Members Prepare for Homeownership
By Opal Tomashevska, Director, Multicultural Business Strategy at TruStageTM
Preparation is paramount for first-time homebuyers embarking on the journey of homeownership – especially for members in underserved populations and communities who may be the first in their families to purchase a home. Fortunately, credit unions are uniquely positioned to offer the extra attention and personal service that many first-time homebuyers require.
But before they can do that, credit unions must ensure all members can get to that point in the first place.
Safeguard equal access
Credit unions should understand the disparities that exist in homeownership and work to eliminate barriers for underserved populations and communities. The effects of discriminatory practices like redlining throughout the U.S. can still be felt in many communities, which is why equal access is so important for all members. Working toward equal access to homeownership is really an extension of the core mission of credit unions. Homeownership can be a key to building generational wealth. When families can begin building wealth through homeownership, communities wind up thriving due to the economic stimulation and investment from enriched community members.
There are resources to help credit unions ensure all their members receive the same opportunities in the pursuit of homeownership. For example, the Fair Housing Assistance Program, administered by the U.S. Department of Housing and Urban Development (HUD), partners with various agencies committed to promoting fair housing practices. You or your members who believe they’ve experienced housing discrimination can reach out to these agencies for assistance. A list of participating agencies is available on HUD’s official website.
Financial readiness is next
Beyond ensuring your members have equal access to homeownership, one of the most import ways credit unions can help members is to focus on advising them about credit and finances since diligent financial preparation lays the foundation for a successful and fulfilling experience. Make sure your loan officers are covering all the important bases:
- Establishing a budget
- Saving for a down payment
- Understanding credit
- Describing the mortgage process and associated costs, such as earnest money, appraisal costs, closing costs, real estate fees, etc.
- Explaining different types of mortgages and low-down-payment options
- Educating on the types of documentation that are needed
Resources to help you educate your members
Being prepared and understanding the homebuying process can help foster a sense of confidence in first-time homebuyers and makes the process less intimidating and more enjoyable for your members.
One way to help members prepare for every step of the homebuying process is to share valuable information with them:
- Readynest.com is Mortgage Guaranty Insurance Corporation’s (MGIC’s) consumer website. It’s chock full of first-time homebuyer resources, such as tips for navigating the process, first-person stories that inform and inspire, and tools like affordability calculators.
- National Industry Standards for Homeownership Education and Counseling (NISHEC) ensures quality and consistency in homeownership education and counseling services, serving as a benchmark for excellence. NISCHEC provides a searchable database of organizations that have adopted these standards. Individuals can identify trusted service providers committed to upholding ethical practices and delivering up-to-date information.
Preparing for the wave of future homebuyers
With the U.S. population changing and people of color accounting for future growth, it’s important that credit unions build trust and a positive reputation through partnering with members on their homeownership journey. Together with their communities, credit unions can empower dreams and create enduring relationships, enriching each homeowner’s journey and reinforcing the foundation of a solid community.
To learn how you can ensure you’re helping your members to have equal access to homeownership, register for TruStageTM and MGIC’s upcoming webinar “Are YOU Prepared to Help Members Prepare for Homeownership?” on June 27 at 1:00 PM CT. Join us for this webinar to understand homeownership disparities and how you can help work to eliminate barriers in underserved populations and communities.
Co-author: Irma Yepez Klassen, Director, of Equitable Homeownership Strategy and Product
Development at Mortgage Guaranty Insurance Corporation
TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.
© TruStage
CORP-6542308.1-0424-0526
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