1st Valley Credit Union

03.30.2012 1st Valley Credit Union Comments Off on 1st Valley Credit Union Unidos Deal Delivers Low Cost Money Transfers

1st Valley Credit Union Unidos Deal Delivers Low Cost Money Transfers

Consul Carolina Zaragoza Flores, sign an agreement with Gregg Stockdale president of 1st Valley Credit Union to accept the Matricula de Consular Card as identification to open an account. Many banks and credit unions accept the Matricula de Consular Card. “We are here to serve the community,” said Stockdale. “Unidos is part of our strategy to reach out to our Hispanic neighbors and others who need reliable, inexpensive financial services.

(SAN BERNARDINO, Calif.) 1st Valley Credit Union serving the entire County of San Bernardino, California is pleased to announce that it has partnered with Unidos Financial Services to provide affordable remittances, bill-paying, check-cashing and other financial services to all consumers in the community.  The initiative is part of a pilot program coordinated in conjunction with the National Federation of Community Development Credit Unions, which has helped 1st Valley to be designated a Community Development Financial Institution (CDFI) by the US Treasury, which recognizes the credit union’s commitment to financial inclusion and to promoting the economic development of underserved communities..  1st Valley is also a low income designated credit union, which gives it the authority to provide transactional services to all consumers within its Field of Membership without requiring them to be members of the credit union.

“We are here to serve the community,” said Gregg Stockdale, CEO of 1st Valley Credit Union.  “Unidos is part of our strategy to reach out to our Hispanic neighbors and others who need reliable, inexpensive financial services.  We invite them to come in and see what we can do.  We’re offering discounts and incentives for people to try out the Unidos system.  We’ve also developed a great working relationship with the Mexican Consulate, around the corner from our office and recently participated in their Financial Education week.  1st Valley is also pleased to accept the Matricula de Consular Card as identification to open an account.”

Pablo DeFilippi, Director of Membership at the Federation noted that “Gregg and his team at 1st Valley are demonstrating the commitment to community development that is the keystone of our philosophy.  We are delighted to have them participating in this program and applaud their leadership in bringing affordable transactional services to the hugely underserved Hispanic population in San Bernardino Valley. We seek to have these efforts replicated across the country by many more credit unions.

About 1st Valley Credit Union

1st Valley Credit Union is a locally owned and managed credit union serving the entire county of San Bernardino County with its headquarters at 401 West 2nd Street in San Bernardino.  1st Valley CU is the county’s only 5-Star Rated community financial institution, with $35 million in assets and more than 3600 members.  For further information, contact Sossy Hyatt at 909 889-0838 x 228.

About Unidos Financial Services

Unidos Financial Services is a licensed Money Service Business focused on providing basic financial services to under-banked consumers through an integrated simple to use platform.  Unidos provides cash to cash remittances globally and cash to debit card in Mexico.  Other products include check-cashing verification; domestic and international bill payment; domestic and international mobile phone top-ups and prepaid e-pins.  For further information, contact Mauricio Sánchez at 212-931-8797.

About The National Federation of Community Development Credit Unions

The National Federation of Community Development Credit Unions (Federation) is a certified CDFI Intermediary representing around 250 community development credit unions (CDCUs). The Federation’s member CDCUs provide credit, savings, transaction services and financial education to more than 1.7 million residents of low-income urban, rural and reservation-based communities across the United States, and hold over $13 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Colorado Springs, CO; Madison, WI; and San Francisco, CA. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit: www.cdcu.coop. , or contact Pablo DeFilippi, at 212 809-1850 x304.

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02.28.2012 1st Valley Credit Union Comments Off on 1ST VALLEY CREDIT UNION APPROVED TO MAKE MORE MICRO, AUTO AND HOME LOANS

1ST VALLEY CREDIT UNION APPROVED TO MAKE MORE MICRO, AUTO AND HOME LOANS

 

(San Bernardino, Calif.)   The U.S. Department of the Treasury’s Community Development Financial Institution Fund has certified 1st Valley Credit Union (1stValleyCU.com) as a Community Development Financial Institution or CDFI.  The certification provides access to funds for 1st Valley to offer additional Piggy loans to San Bernardino County members who live in economically distressed communities or areas that are underserved by mainstream financial institutions.

“This is validation of our commitment to San Bernardino County as a lender that helps our members with the renovation loans and financial tools they need,” said 1st Valley Credit Union’s President Gregg Stockdale.

“People need loans to buy homes, fund small businesses and buy cars.  As a credit union and now as a Community Development Financial Institution, we have more flexibility and access to increased funding. This in turn grants us the ability to provide a greater number of loans that people need.  We are making good loans to good people,” said Stockdale.

The CDFI Fund promotes economic revitalization and community development in low-income and rural communities across America.  Current economic conditions in San Bernardino County make the area a prime target for reinvestment.

CDFI certification makes 1st Valley Credit Union eligible to receive additional Technical and Financial Assistance grants to make more loans and provide other to affordable financial services for low-income consumers and underserved communities.

CDFI Funds have been used to create and expand programs such as mortgage financing for low-income and first-time homebuyers, loans for micro and small businesses, and financial education programs. Being eligible to apply for funding does not guarantee approval of CDFI grant requests.

It is likely, though not guaranteed, that your debt management plan will appear on your credit file. This shouldn’t worry you though, as you can work on improving it once the plan is finished.

“To obtain the certification, 1st Valley Credit Union secured assistance from the National Federation of Community Development Credit Unions (the Federation), a trade association that represents the vast majority of credit unions that are currently certified as CDFIs,” said Pablo DeFilippi, Federation’s Membership Director.

The Federation was established in 1974 by a coalition of credit union leaders dedicated to revitalizing low-income communities.  The Federation’s mission is to promote financial inclusion through credit unions by strengthening the capacity of Community Development Credit Unions (CDCUs), to provide services to low-income, urban, and rural economically distressed communities.

“We congratulate 1st Valley Credit Union for pursuing CDFI certification, which represents an official recognition of the groundbreaking work they have been doing for many years to bring affordable financial services to low-income consumers and underserved communities,” continued DeFilippi.

For more information call (909) 889-0838 or go online to 1stValleyCU.com

About 1st Valley Credit Union

1st Valley Credit Union is a locally owned and managed serving all of San Bernardino County with its headquarters at 401 West 2nd Street in San Bernardino.  1st Valley is the county’s only 5-Star Rated financial institution.   They have $35 million in assets, and more than 3,600-members.   Members receive a full suite of financial products and services at competitive rates delivered with outstanding customer service and 6,400 (walk-in) Shared Branch locations and 2,500 ATMs.   For more information call  (909) 889-0838 or go online to 1stValleyCU.com.

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