Be sure to watch the entire episode located below the show notes.

A few short weeks ago, Chicago’s Faith Based Credit Union Alliance (FBCUA) – a cooperative of ten micro-credit unions supporting some of the city’s most underserved communities – received the National Credit Union Foundation's Herb Wegner Memorial Award for Outstanding Organizational Achievement.

Accepting the award on behalf of the organization, Dr. Joronda Crawford, president and co-founder of the alliance, said: “Through collaboration, our credit unions gain the tangible benefits of mandatory training, support […] and more, that ensure our member credit unions remain alive, vital and not left behind.”

We invited Drs. Hiram and Joronda Crawford on the show to share their reaction to winning this well-deserved award, as well as telling us a bit more about FBCUA and the incredible work they are doing in Chicago. A very inspiring talk with these two credit union heroes.

Here's a bit more information FBCUA:
Formed to provide mostly African American residents of south-side Chicago with safe, reliable and affordable financial products and services, these credit unions were, at times, the only financial institutions that would lend to people of color.

For many of the 5,600 members served through the FBCUA, economic inequity remains an issue but the FBCUA’s handful of employees and nearly 200 volunteers work tirelessly to improve their members’ financial lives.

These small organizations open their collective doors every Sunday after service and for a few hours on weeknights. Economies of scale are achieved through true cooperation, with each individual credit union being completely open and accessible to the others, sharing resources, training, planning and best practices.

While FBCUA credit unions have seldom let their focus slip from serving their members, their cooperative model, success and impact has led to nationwide change.

Be sure to watch the entire episode located below the show notes.

Phoenix Children’s Hospital Foundation Director, Corporate Account Management Susan O’Donnell, Desert Financial Foundation VP/Executive Director Carlissa Wright, and Desert Financial Credit Union Executive Vice President Ron Amstutz all joined us to share the very recent news about Desert Financial’s 2022 Charity Golf Tournament benefiting Phoenix Children’s Hospital's 1 Darn Cool School raising $525,000. But that's not all: Desert Financial also raised more than $850,000 total in 2021 for the Phoenix Children's Hospital.

Susan, Carlissa, and Ron all discussed how the funds will be used at the hospital's onsite 1 Darn Cool School, as well as the incredible relationship between Desert Financial and Phoenix Children's Hospital over the many years they have partnered together to benefit the hospital and ultimately the kids.

We know credit unions nationwide do a phenomenal job helping raise money for local organizations. It's in the credit union DNA to go above and beyond in this area. So every once in a while we like to feature credit unions doing their part in giving back. As Ron says, "It's always awesome to give away money."

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

Be sure to watch the entire episode located below the show notes.

Named after credit union icon Dora Maxwell, Bank Dora (or Dora, preferably) is the nation’s first cooperative-based, neo-bank strategy -- a direct answer to Chime. According to Dora's Managing Director Kristi Kenworthy, Chime offers what credit unions were already offering. But the online experience of Chime was exceptional.

So the team at founding credit union USALLIANCE Financial got to work to develop an answer for Chime that could serve the 50 million Americans currently not participating in mainstream banking. As a result, Dora's online banking app was founded/launched in August of 2021 and dedicated to financial inclusion, offering a fully bilingual digital banking experience that supports low-moderate income individuals. 

It is currently sponsored by five entities: Affinity Plus Federal Credit Union (Affinity Plus), Digital Federal Credit Union, Inclusiv, Service Federal Credit Union, and USALLIANCE Financial.

A truly fascinating story from Kristi on how Dora started, how it complements a traditional credit union, what's next for the app, and much, much more.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

Be sure to watch the entire episode located below the show notes.

Backbase Senior Vice President Americas Vince Bezemer joined us recently to share his insights on how credit unions should prepare for cryptocurrency regulation this year (2022).

Obviously, crypto is not a fad or a trend; it is here to stay. So the next step is to address how should credit unions prepare for crypto regulation this year. Vince talks about if this is a negative or a positive for the industry, as well as President Biden's executive order in this area.

Some of the other items Vince discussed included:

• The challenges currently facing consumers engaging in digital banking platforms  
• The compliance risks credit unions face with their current digital banking capabilities  
• The kinds of digital solutions credit union should invest in now to prepare for crypto regulation

Check it out and let us know your thoughts. And be sure to watch the entire episode for all the details.

Be sure to watch the entire episode located below the show notes.

California and Nevada Credit Union Leagues and Sonoma State University’s Economist Robert Eyler (also Redwood Credit Union Board Member) stopped by the show to give us a quick update on the latest trends occurring in today's domestic economy and how it all affects credit unions.

In particular, Robert discussed how member deposits and the unique labor market we are experiencing right now could remain unusual for extended period of time -- like possibly 2025.

Other items Robert addressed included:

• Interest rates
• Inflation
• Supply chains

Note: This interview took place just before Russia invaded Ukraine, so that is why we didn't mention it. We will get Robert back on the show to provide his take how this war will affect our economy, as well.

In the meantime, enjoy our conversation with Robert and let us know your thoughts. And be sure to watch the entire interview below for all the details.