COLUMBIA, Md. (10/16/08)--To extend credit unions’ outreach to unbanked consumers in and around the nation’s capital, the National Credit Union Foundation (NCUF) has approved an Innovation Grant of $16,250 to the Maryland and District of Columbia Credit Union Association (MDDCCUA). The NCUF grant will empower MDDCCUA to organize four “Community Outreach Financial Fairs” that are projected to bring financial education to 40,000 unbanked consumers throughout Maryland and the District of Columbia. Outreach efforts will focus on underserved areas of Baltimore, Prince George’s County, and Western Maryland, as well as the District of Columbia. “The needs of these consumers vary from basic savings accounts to mortgages for first-time homebuyers, but all efforts must center on financial literacy,” observed MDDCCUA President Mike Beall. “Unbanked consumers need to be educated on how best to obtain and use financial services that will benefit their personal wealth and well being.” MDDCCUA staff Sharon Sykes and Jennifer Gore plan to recruit credit unions, business partners, and financial education leaders to participate in the quarterly fairs. Expert exhibitors will be asked to help consumers answer key questions:
* What is a credit union? * What products and services do credit unions provide that work for me? * How do I use these products and services for my personal wealth advantage?
“As a result, consumers will become better informed and learn that access to credit union membership is available and attainable,” Beall concluded. This is the second of 14 Innovation Grants to be approved by NCUF this year (News Now
, Oct. 15).