The Northwest Federal Credit Union Foundation won 2nd Place Award in the Louise Herring Award for Philosophy in Action competition.
The Northwest Federal Credit Union Foundation won 2nd Place Award in the Louise Herring Award for Philosophy in Action competition. The competition honors credit unions for their practical application of the “People-Helping-People” philosophy that is the hallmark of the credit union movement. The competition is sponsored by the Virginia Credit Union League and the Credit Union National Association (CUNA).
The award-winning entry showcased the credit union's Ben DeFelice Scholarship Program, which aids young members in pursuing their higher education dreams. Since 2005, 106 students have been awarded $454,000 to help pay for college. With the increasing cost of higher education, family obligations and the financial hardships faced by many families following the recession, the credit union's scholarship program, which awards $5,000 to deserving students, represents a potentially life-changing opportunity for award winners.
"Our scholarship program is one more way for us to promote the 'Credit Union Difference,' says Northwest Federal Credit Union President/CEO Chris McDonald. "Our mission is to help members achieve their financial dreams and secure their financial futures and an important step on that path for many of our members is finding a means to pay for college."
About Northwest Federal Credit Union
Northwest Federal Credit Union is a full-service financial institution ranking among the largest credit unions in Virginia and in the top 100 credit unions in the nation. Established in 1947 and headquartered in Herndon, Va., Northwest Federal is dedicated to providing financial services and education to its members and the community. The Credit Union currently serves more than 111,000 members and has assets in excess of $2.2 billion. For more information, visit www.nwfcu.org.
The competition is named after Louise McCarren Herring, a credit union pioneer, who believed that the operational application of credit union philosophy helped better people's lives.