On September 9, 2012, Credit Union Journal editor Frank Diekmann announced that United Labor Credit Union (ULCU) (Kansas City, MO) is the recipient of the national 2011 Best Practice Award for its innovative approach to financial education.
The ULCU FinU: Financial University for Union Apprentices program was launched last year, and already has a track record for bettering the lives of ULCU members and union members alike. “Over 500 apprentices have attended FinU classes, and the feedback has been a resounding 'thanks' for helping workers realize how their choice of career and lifestyle will affect their financial plan. ULCU has seen an increase in members and an increase of 13.59 percent in assets since the program launched,” says Tim Vogler, ULCU president. “Several more union organizations are scheduled to be a part of the program through the end of the year.”
Credit Union Journal began accepting entries for its 2011 Best Practices Awards in July. The awards were free to enter, and were open to natural-person and corporate credit unions, CUSOs and vendors and associations, which may nominate a client/member credit union.
“In all honesty, the 2012 entries and nominations were the most varied, numerous and innovative of all the years Credit Union Journal has been recognizing Best Practices, and it took our editorial team extra time this year to select the winners,” Diekmann said.
The annual Best Practice Awards deliberately avoid categories, and are aimed at recognizing achievements across the entire credit union enterprise, from improved member service, cross-sales, loan promotions, expense reductions, better deployment of staff, facilities, branch strategies, training, board programs, etc.
The nomination essay included as many tangible measures as practical (including ROI where available) documenting the best practice; the background on environment prior to the implementation of the best practice; factors driving adoption of the best practice, and any new products/solutions deployed to achieve the best practice.
Best Practice Award winners will be profiled in Credit Union Journal in November.