CHIPPEWA FALLS, Wis.–Representatives from Royal Credit Union were joined by Wisconsin Department of Corrections (DOC) Secretary Kevin Carr and Department of Financial Institutions (DFI) Secretary Kathy Blumenfeld in observing financial literacy instruction the credit union is providing to men at Chippewa Valley Correctional Treatment Facility (CVCTF).
Royal CU said it has been offering lessons in budgeting and financial management at CVCTF for two years.
Royal Credit Union Board Chair Tom Huffcutt and the credit union’s president and CEO, Brandon Riechers, joined the secretaries to drop in on a lesson before speaking with some students who have either completed or are currently taking the course.
“Royal’s correctional facility financial education program is designed to help individuals achieve financial well-being, and supports our core purpose which is to create a positive impact in the lives we touch,” said Riechers. “We are proud to have provided financial education to more than 1,000 people in the care of area correctional facilities and hope our program provides them with the tools they need to accomplish their financial goals.”
Securing a ‘Better Future’
Added Blumenfeld, “Financial literacy programs, such as this one developed by Royal Credit Union, focus on knowledge acquisition and skill development with the goal of helping people in DOC's care understand best practices in money management, like how to save money, build credit, and budget. By providing financial literacy education we can help these individuals learn a way to secure a better future for themselves and their families. Financial literacy has a way of paying itself forward across communities and generations.”
According to Royal CU, every year approximately 9,000 inmates in the DOC system return to their community, and roughly 65% of those at CVCTF have a year or less remaining on their sentence.
“Providing tools to help people achieve success once they return to their home and community is vital,” the credit union said.
Darrin Cowser has been at CVCTF since June. In a statement, Royal CU reported Cowser took the three-week course to learn better spending habits and improve his understanding of how to build credit.
No History, No Future
“It’s important to have a credit history. If you don’t have a credit history no one is going to want to deal with you or try to help you make the big purchases,” Cowser said. “I’m trying to figure out, when I go home, how I can build credit history and start, so when I get to those big purchases I could possibly buy a home, get a vehicle.”
Said DOC Secretary Kevin Carr, “This is a great example of state agencies and private businesses collaborating to reach a shared goal. A better understanding of budgeting and financial management is important to anyone, and I’m glad those in our care here at CVCTF have a chance to receive this knowledge.”
Royal Credit Union said it provides the curriculum and instruction for the program and that since launch at CVCTF in 2019, the credit union and the DOC have been able to help 400 people before they returned to their community. There are currently 12 receiving instruction in the program.
In addition to the correctional facility financial education program, Royal Credit Union said it also operates 29 student-run credit union offices in schools, and has created multiple innovative financial education programs for people of all ages.