LOC Credit Union receives awards for financial literacy programs

LOC Federal Credit Union in November received a national award for its financial literacy programs, including student-run credit unions in Farmington elementary schools.

The Credit Union National Association (CUNA) named LOC the 2nd place winner of the National Desjardins Youth Award, in its asset category. LOC also won top honors in Michigan for a second consecutive year.

LOC Credit Union financial literacy award
Student-employees at Farmington’s Wood Creek Elementary student-run credit union receive from training from an LOC employee prior to the opening of the operation for the 2018-2019 school year. (contributed)

The award is named after Alphonse Desjardins, a credit union pioneer known for introducing youth savings clubs and in-school “banks.” LOC’s award entry this year highlighted:

  • financial education initiatives that impacted nearly 3,000 youth;
  • growth in its 21-branch student-run credit union program that saw a 36 percent increase in dollars saved, 22 percent increase in transaction numbers, and 44 percent increase in new accounts compared to the previous year;
  • eight financial reality fairs over four school districts impacting 1,400 students; and
  • partnerships with local libraries for financial education programming during summer recess.

In receiving the award, LOC President and CEO Jim Dickinson said, “At a time when financial products have become a commodity, institutions are trying to effectively communicate what makes them different. For LOC, it’s the commitment we make to the long-term financial wellbeing of our members beginning at the very earliest stages of the lives.”

LOC will be formally recognized at the CUNA Government Affairs Conference in March 2019. Learn more about the credit union at locfederal.com.

– Press release