August 10, 2021 — Indiana Members Foundation, the charitable arm of Indiana Members Credit Union, recently awarded $63,000 in scholarships and grants through its Robert E. Martin Collegiate Scholarship Program, Mike and Marti Ney “People Helping People” Grant, Terry Renick Legacy Golf Grant, and the Joan Wolfe Legacy Grant for the Arts Program.
Indiana Members Foundation awarded the 2021 Scholarship and Grant recipients individually this year at Indiana Members Credit Union’s headquarters.
The Robert E. Martin Collegiate Scholarship Program was established to honor Robert E. Martin for more than four decades of dedication and service as a board member of IMCU as well as his commitment to education throughout his career as Vice Chancellor for Administration and Finance at Indiana University Purdue-University at Indianapolis (IUPUI). The scholarships are available to college students that are members of Indiana Members Credit Union. Applications are accepted annually from January 1 through March 31.
July 15, 2021 – The National Association of State Credit Union Supervisors (NASCUS) is proud to announce Indiana has earned Re-Accreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
More than 88% of the $989 billion in state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies.
“Accreditation is direct evidence of an agency’s capabilities and benefits all credit unions in the state as well,” said NASCUS President and CEO Lucy Ito. “It recognizes the professionalism of a state agency’s regulators, supervisors, and staff, while potentially delivering an impetus and support for legislation to modernize state law and policy changes to advance state supervisory processes and best practices.”
Indiana Director Tom Fite explained, “Accreditation establishes an independent measure of quality control for each accredited agency, and equally important Accreditation establishes benchmarks that drive regulatory consistency. Our efforts to achieve these established benchmarks drive us to remain current with the best-known supervisory processes and practices deployed nationwide. Standards are transparent and best practices shared, yielding greater consistency across the State system. Accreditation pushes the Indiana DFI to provide best in class supervisory support to Hoosiers.”
NASCUS accreditation is a robust process that includes disciplined self-evaluation, peer review, and ongoing monitoring. The process, administered by the NASCUS Performance Standards Committee (PSC), measures a state regulatory agency’s ability and resources to carry out its regulatory and supervisory programs effectively.
To earn Accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.
NASCUS adopted the Accreditation Program in 1989 to administer and assure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
How This Small Indiana Credit Union Works To ‘Bridge The Gap’
Afena FCU partners with a local foundation to take on payday lenders with long-term, low-rate loans with a savings component and financial counseling.
Published by CreditUnions.com on July 12, 2021
Author: Marc Rapport
Afena Federal Credit Union ($80.1M, Marion, IN) is using a $1 million commitment from a local foundation to make a positive impact one Bridge the Gap loan at a time.
That’s the name of the program the 7,900-member cooperative launched on Nov. 1, 2020, in partnership with the Community Foundation of Grant County.
The loans are small-dollar, low-interest notes intended to help keep the borrowers away from payday lenders — in the near term and by helping to build credit scores – and also includes savings and financial counseling elements.
The foundation agreed to provide $1 million over five years to collateralize the loans, which already are making a difference, says Karen Madry, Afena President and CEO.
“Families have borrowed money for everything from putting food on their table to keeping their lights on in their homes. Some have borrowed to pay off credit cards and to stop the harassing phone calls,” Madry says. “The program is well received because the monthly payments can be as low as $35 per month, which makes it easy and affordable without causing the member to dig a deeper hole for themselves.”
TCU President Named to Credit Union National Association Board
Teachers Credit Union President Paul Marsh was named to the influential Credit Union National Association board.
MARCH 30, 2021 — Marsh runs the South Bend-based credit union that has branches in Hammond, Gary, Whiting, Chesterton, Crown Point, and New Buffalo and Three Oaks, Michigan. The $3.9 billion financial institution is the largest in Indiana with 300,000 members and 60 branches.
He was elected to serve as an at-large national member of the board for the financial services trade association that represents the credit union industry and the 120 million members of credit unions nationwide.
“We are pleased to welcome these credit union leaders to the CUNA board, and we value the wealth of knowledge and experience that they bring to the association,” CUNA President and CEO Jim Nussle said. “They are joining CUNA at a critical time for the credit union movement as we help our communities recover from the economic effects of the coronavirus pandemic.”
Indiana CU first privately insured to join FHLB
June 17, 2016 — Beacon Credit Union of Wabash, Ind., is the first privately insured credit union approved for membership in the Federal Home Loan Bank (FHLB) system, according to a letter from American Share Insurance to its members. READ
Indiana Credit Unions and Samaritan’s Feet Distribute 1,000+ Pairs of Shoes Statewide
May 14, 2015 – As a direct result of the contributions received at its 2014 statewide convention, Indiana’s credit unions partnered with Samaritan’s Feet to distribute more than 1,000 pairs of shoes between October 2014 and April 2015. Credit unions across the state contributed shoes and money to Samaritan’s Feet so that children who need them most could have a new pair of shoes.
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