Cooperative Federal won the 2010 Dora Maxwell Social Responsibility Award from the Credit Union Association of New York State, and won the 2nd place nationwide award from the Credit Union National Association.
We were nominated by the CNY Chapter of Credit Unions, in recognition of our services that help individuals left behind by big banks.
We were given the award based on the success of three main programs:
· PRIDE Loans
People with bruised credit or no credit are often turned away from banks, and turn to high-cost credit, check cashing establishments or online predatory lenders. PRIDE loans are an alternative to those high-cost or predatory lenders. We offer payday loan-alternative lines of credit, and fair auto-title loans. These loans are made possible by a special deposit from the National Federation of Community Development Credit Unions.
· In-School Student Branch
We opened Falcons’ Trust at Fowler High School in the fall to reach out to teenagers before they fall into the traps of debt. Falcons’ Trust is right inside the school and run by the students; now teens can practice how to save and budget money while they’re in school.
· Matched Savings Program
Currently we have the best match in Syracuse for first-time homebuyers; individuals enrolled in this program can receive up to 6 times their savings to put towards a down payment & closing costs. We also offer matched savings for people to put towards a small business, car, or education.
Cooperative Federal exists to offer products and services to everyone in our community – especially people left behind by big banks. If you are interested in any of the above programs, please call Christina at 473-0250.