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Self-Help Perspectives
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April 2012
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MacArthur awards
Center for Responsible Lending
The Center for
 Responsible Lending (CRL) won recognition in February for success in curbing abusive lending practices at the state and federal levels. This was defined by the MacArthur Foundation as advancing "solutions to the world's most pressing problems."
CRL was among 15 organizations in six countries to receive the MacArthur Award for Creative and Effective Institutions, a distinction given annually to organizations around the world that "generate provocative ideas, reframe the debate, or provide a new way of looking at persistent problems."
CRL will invest the grant portion of the award in an endowment created to sustain research on consumer financial markets and to continue its policy work for fair financial services for all.
Learn more in a short video on CRL's work.
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A peek inside Micro Branch
Self-Help Federal Credit Union opened Micro Branch in 2010 as a way to bridge the unbanked to full-service banking. Micro branch caters to the basic-level needs of those with no bank accounts and those who have accounts but still rely on non-bank credit and check-cashing. In addition to alternative check-cashing, bill-pay, and remittance services, Micro Branch provides savings, checking accounts, and loans geared to helped lower income people build credit and enter the financial mainstream.
| What's happening on the West Coast?
Self-Help Federal Credit Union is getting folks to pay themselves first.
The credit union's Micro Branch division in San Jose, Calif. provides affordable check-cashing and other services to unbanked and underbanked customers. This spring, the division launched a new savings account to build on that service model. It's called "5 for Me," and it's designed to encourage check-cashing clients to open accounts and build savings.
With 5 for Me, $5 of every check cashed is automatically deposited into the account, generating a receipt that documents accrued savings.
Designers of 5 for Me believe that over time, the program will encourage customers to save by letting them see for themselves the cumulative benefits. Stay tuned for a progress report in our next quarterly newsletter.
Funding for the 5 for Me initiative comes from a Financial Innovations grant provided by Innovations for Poverty Action and the Ford Foundation.
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Keep up with
Self-Help's breaking news and updates through our Facebook and LinkedIn pages!
Have you seen
Self-Help's 2011
Annual Report yet? | Building a better branch
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A preview of the new Self-Help Credit Union branch in Kinston. Stay tuned for news on its grand opening this fall.
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Self-Help Credit Union is committed to expanding and improving its outreach.
A new milestone in this effort is the development of a smarter and better equipped banking branch in Kinston, N.C. The new branch will open this fall, becoming Self-Help's 10th full-service banking center in the state. The location will feature self-service stations, online-banking training, and a modern, ergonomic floor plan designed to optimize workflows and increase customer convenience. We continue to look for ways to better engage our members beyond just a transaction, and the new branch is an exciting opportunity to test out some new initiatives.
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 | Martin Eakes
of Self-Help on
N.C. Gay Marriage Amendment Bill
NC Now | UNC-TV |
| Self-Help stands up for all N.C. families
Self-Help is fighting against Amendment One, a proposal to amend North Carolina's Constitution to ban legal recognition of all unmarried couples, stripping protections and benefits from families across the state.
Self-Help is active on the Steering Committee of the Coalition to Protect ALL NC Families. Self-Help CEO Martin Eakes has been especially outspoken about how the amendment would harm North Carolina families and businesses. [See video on left.]
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New website coming soon!
Self-Help is getting ready to launch a brand-new website featuring streamlined navigation and more online banking options. Doing business with us is about to get easier!
Coming this summer to a computer near you...
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A short history
SHFCU owes the success of its free tax-prep service to People's Community Partnership Federal Credit Union, which started the program years before the two credit unions merged in 2008.
Known as VITA (Volunteer Income Tax Assistance), the program has since ballooned from a small operation with six tax preparers to a crew of 42 volunteers and staff. VITA workers prepared 840 returns this spring.
It's more than just free tax preparation. VITA volunteer credit coaches also review participants' credit reports, identify and help dispute erroneous claims, and create individualized action plans for repairing or building credit.
The ultimate goal is to get more participants, many of whom are unbanked or underbanked, to open deposit accounts, build savings, and benefit from the lower-cost credit that is available in the financial mainstream. That's not just money in the pocket once a year, that's money that can stay there and grow.
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Free tax prep
For low-income folks struggling to make ends meet, an annual tax refund can provide enormous relief. Self-Help Federal Credit Union (SHFCU) helped hundreds of California families maximize their refunds this spring by providing free tax-prep services. Staff and volunteers in West Oakland prepared returns, identified credit opportunities, and connected participants to other financial services -- all for free. Their efforts saved an estimated $210,000 in fees and generated more than $1 million in tax refunds, largely by identifying credits for which low-income participants qualified. These credits included the Earned Income Tax Credit (EITC), an anti-poverty tool that benefited more than 26.8 million individuals and families last year. 
Want to be sure you're
up to date on Self-Help news?
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Self-Help creates and protects ownership and economic opportunity through financing for home ownership, small businesses, and community facilities; downtown revitalization and affordable housing development; and by providing responsible consumer financial services. Since our founding in 1980, Self-Help has invested more than $6.08 billion in almost 75,000 loans to individuals, entrepreneurs, and communities.
Self-Help's family of organizations includes North Carolina-based Self-Help Credit Union, California-based Self-Help Federal Credit Union, Self-Help Ventures Fund, and the Center for Responsible Lending. Federally insured deposits in our credit unions strengthen communities nationwide. Visit our Locations Map for contact information or email us with your comments.
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