Black Swans and The Credit Union Ethos
in Consumer Awareness & Advocacy
By: David Frankil, NJCUL President/CEO

The latest installment of our Banking You Can Trust Legacy Series – which demonstrates the credit union difference by telling the powerful origin stories of our credit unions – is about Central Jersey Police & Fire FCU.

Their founding, subsequent expansions and name change makes for a great story, and not just for how the credit union was founded. CEO Barbara Rios talks about how their credit union helped its members during a ‘Black Swan’ crisis that few saw coming – the State was forced to lay off 109 police officers, putting them and their families under significant financial stress in an already bad economy.

The blog and Barbara tell the story far better than I can –

The credit union didn’t hesitate, working with every single one of the affected officers to keep them financially sound in this time of transition. Credit union employees did anything and everything they could to help, from refinancing loans to extending the terms of loans and much more. For two police officers that were struggling to make their mortgage payments, the credit union went so far as to find them cheaper mortgage rates elsewhere to make sure they didn’t go under or lose their homes. “We did whatever we could do to help them,” said credit union CEO Barbara Rios. “That’s how we were founded; that’s what we do.”

As a result, not one of the police officers who lost their job defaulted on any of their loans.

The next time someone asks you how a credit union is different than a bank, just send them this story.