REAL Solutions® participating credit unions are encouraged to form partnerships with like-minded community organizations and funding sources to develop new products and services that will benefit sections of the community that credit unions would otherwise find difficult or impossible to reach on their own. Here are a few products and services that credit unions have sought to provide with the help of local and national partnerships:
- Credit unions have started Youth Credit Unions by partnering with schools, PTAs, teachers, the Reader’s Digest Wallace Foundation and even local banks.
- Credit unions have offered Financial Counseling programs, by partnering with cooperative extension, and NeighborWorks. Sources of funding for these programs can be sought from the CDFI Fund, and HUD.
- An underserved market is the New Americans. Credit unions are developing products and services to meet the needs of the immigrant population in their communities. Partnerships have been formed with Catholic Charities and Immigrant Resettlement.
- Credit Unions providing Individual Development Accounts have formed partnerships with FHLB, Neighbor Works, and the CDFI Fund.
- Support for Free Tax Preparation programs can be found through the IRS, Department of Social Services and the National Credit Union Administration.