Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
DuTrac Community CU in Iowas first IDA program
DUBUQUE, Iowa (4/16/08)--DuTrac Community CU has been asked to participate in Iowa’s first credit union individual development account program--the Credit Union Family Partnership Program. Individual development accounts (IDAs) are matched savings accounts, in which a participant’s savings are matched by a grant from another organization. Participants must meet income guidelines to qualify for an IDA account. DuTrac will open the savings accounts and match the funding, thanks to private grants the credit union received from the Iowa Credit Union Foundation. Savings and matching funds are used by the individual to purchase a specific asset--such as financing a home, starting or expanding a business, paying for education or job training, or purchasing a vehicle to get to work. “Iowa credit unions are in a unique position to offer no-cost savings accounts to families and individuals who need help saving,” said Marybeth Foster, executive director of the foundation. “Our immediate goal is to offer financial education and a method of saving for a specific asset.” The $325.6 million asset, Dubuque, Iowa-based credit union will work with the foundation, the Iowa Credit Union League, the league’s subsidiary Coopera Consulting and other statewide partners to develop the IDA program. The program is expected to launch in summer 2008.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
1 Day ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 Day ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
1 Day ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 Day ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 Day ago