Virginia Credit Union Receives National Recognition for Financial Education
Virginia Credit Union
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|Sylvia Watford, a financial educator at Virginia Credit Union, who organized programs for inmates at the correctional facilities.|
(Richmond, VA, November 19, 2020) – Virginia Credit Union has received national recognition for financial education programs for adults.
Virginia Credit Union took first place among large credit unions in the nation for adult education in the Desjardins financial education awards sponsored by the Credit Union National Association (CUNA).
The adult education award was based on the “Financial Freedom for Prisoners” program Virginia Credit Union has led at the U.S. Correctional Complex of Petersburg and the Virginia Women’s Detention Center in Chesterfield. In 2019, Virginia Credit Union offered a series of 44 financial education classes for incarcerated individuals, reaching 1,927 inmates.
A university study cited in the award application offered evidence of the important role financial education can play in reducing recidivism for incarcerated adults transitioning back to society.
One of the most impactful aspects of the program was a session on credit reports, in which inmates were asked to order a copy of their credit report and review it with a member of the credit union’s education team.
Earlier this Fall, Virginia Credit Union also received a second-place award in Virginia for youth financial education.
Virginia Credit Union has a team of three full-time educators who coordinate in-person and online educational programs at credit union facilities, workplaces, community centers and schools throughout the year. Cherry Dale, Virginia Credit Union’s Vice President for Financial Education, leads the efforts.
“We are very pleased by this national recognition,” said Dale. “Financial education is a vital skill for people of all ages and income levels, and we are pleased to do our part to positively impact our members and the community.”
In 2019, VACU’s programs reached more than 36,000 individuals. In 2020, with the economic concerns brought on by the coronavirus and the ease of attending online workshops and seminars, VACU is on-pace to reach more individuals than ever.
A financial cooperative serving more than 300,000 members, Virginia Credit Union offers a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union is an equal housing opportunity lender and is federally insured by NCUA. For more information, visit www.vacu.org.
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