CHICAGO–Ten faith-based credit unions here serving minority communities have announced upgrades and even new core processing services as part of an agreement under which they have pooled resources for the past decade as the Faith Based Credit Union Alliance (FBCUA).
The project, with funding from the Illinois CU League Foundation, Inclusiv and Citi, will enhance member service for the minority depository institutions (MDIs), including to the unbanked and the underbanked, the credit unions said.
The ICUL and Inclusiv will be working closely with FBCUA on the compliance and training needed to ensure the project’s success, the credit unions said.
The FBCUA said its decision to collaborate on core processing services grew out of an early pandemic-related need to offer remote services. The organization reported Israel Methcomm, Park Manor, Berean, Bethel, St. Mark, Fellowship Baptist, St. Helena Parish, Pilgrim, South Side, and Shiloh Englewood credit unions have now gone beyond this temporary need to collaborate for greater access and service to their members on an ongoing basis by entering a core processing contract with AMI.
Services will include a hosted platform with document storage, online banking, mobile banking, electronic forms, e-signatures, and photo/ID signature verifications.
“We of the Faith Based Credit Union Alliance are grateful for all of our supporters who are helping ten of our credit unions receive a common core processor,” said FBCUA directors Hiram and Joronda Crawford in a joint statement. “It will allow our members to access us twenty four hours a day, will give our members access to mobile banking, and will provide each of us an interactive website and so much more. We are eternally grateful to the Illinois Credit Union League, Inclusiv, Citi and all of the other supporters.”
‘Taking Action’
Added ICUL President Tom Kane, “I commend FBCUA for taking action to turn a challenging time into an opportunity to advance member service. ICUL strongly supports this effort, and we look forward to working with everyone involved to achieve and even exceed service expectations. Helping credit unions better serve their members is what we do here at ICUL.”
Inclusiv President and CEO Cathie Mahon noted that with support from Citi, Inclusiv’s Resilience Fund will provide grants totaling $100,000 to the FBCUA.
“Inclusiv is thrilled to provide financial resources and technical assistance to members of the Faith Based Credit Union Alliance,” said Mahon. “We have been working closely on sustainable growth for these credit unions who serve largely African American Chicagoans. Selecting a shared vendor for core processing will help modernize many of these small faith-based credit unions so that they can soon provide online and mobile services that their members are coming to expect from financial institutions.”