Dec 16, 2016
The public-private partnership between Prosperity Works and the Rio Grande Credit Union just received a national award!
Children with accounts are ahead of their peers in social/emotional development by age 3; and language and math by third grade. They and their families are more engaged in school and they attend college at a rate 4 times higher than peers without accounts. Prosperity Kids is a matched savings account that puts kids on an educational trajectory to college and beyond.
Without the partnership with the Rio Grande Credit Union, we could not have been successful in demonstrating the power of Prosperity Kids. Giving families and children access to mainstream financial services is critical to inclusion in everything they do, and absolutely fundamental to their ability to build assets. The partnership with Rio Grande Credit Union is already being replicated by Southwest Capital Bank for students at Washington Middle School, and next in Mora County's Headstart.
Thank you, partners!
We all do better, when we all do better!- Paul Wellstone
Rio Grande Credit Union Receives Credit Union National Association’s Louise Herring Award
Rio Grande Credit Union received first runner-up for the National Credit Union Association’s (CUNA) Louise Herring Award in the $250 Million - $1 Billion in assets category. The award recognizes outstanding support to member service and local New Mexico communities. Rio Grande Credit Union is the first New Mexico credit union to receive this recognition from CUNA.
The Louise Herring Award is presented by CUNA to award Credit Unions for programs or policies that demonstrate their commitment to the practical application of the “People-Helping-People” philosophy. Rio Grande Credit Union was honored with the Louise Herring Award for its partnership with Prosperity Works and their Prosperity Kids Program.
The Credit Union partnered with Prosperity Works to assist families with opening Child Savings Accounts (CSAs) and Emergency Savings Accounts (ESAs). The program teaches children and their families how to save money and prepare for college. Since its inception, there have been 513 Prosperity Kids accounts opened and more than a hundred savings accounts for their parents.
It is a humbling experience to receive recognition along with our partner (Rio Grande Credit Union) as we strive to provide assistance to our community not just through financial services, but through each and every interaction we have with the communities that we serve. Access to the Prosperity Kids accounts and services of the RGCU is a critical opportunity for families that most have not previously had. -Ona Porter, CEO of Prosperity Works
Rio Grande Credit Union has received multiple designations for its history of serving the underserved, such as becoming a Low Income Designated Credit Union, earning Community Development Financial Institution (CDFI) status, certified as a Minority Deposit Institution, and earning the Juntos Avanzamos Designation.
“It’s important for New Mexicans to know that they have a local financial institution that is committed to increasing member financial literacy and providing products and services that offer a better alternative to big banks, payday lenders, and cash advance storefronts,” said Chris Fitzgerald, President/CEO of Rio Grande Credit Union. “With receiving this new award and along with our other designations, it’s another reminder that people in Albuquerque have the option to get their money out of those organizations that are not committed to this community and to community service.”
Who was Louise Herring?
Louise Herring was an active supporter, organizer, and champion of credit unions. She was the Ohio delegate to the 1934 national credit union conference in Estes Park, CO where she signed the original constitution for a national credit union association. Louise believed that credit unions should work in a practical manner to better people’s lives. She saw the credit union as more than just a financial institution. In her own words, “the purpose of the credit union is to reform the financial system, so that everyone can have his place in the sun.”
About Rio Grande Credit Union:
Rio Grande Credit Union is a not for profit financial institution started by the City of Albuquerque employees over 60 years ago. Rio Grande Credit Union operates 6 branches throughout Albuquerque and holds over $290MM in assets. The credit union was recently recognized as one of the healthiest financial institutions in New Mexico according to depositaccounts.com. Anyone living or working in Bernalillo or Sandoval County may join.
For more information about the products and services offered by Rio Grande Credit Union, visit riograndecu.org