CoVantage Credit Union Receives Honors
FOR THE ANTIGO TIMES
CoVantage Credit Union has been honored with a2021 Louise Herring Philosophy-in-Action Member Service Award and a Desjardins Youth Financial Education Award. The two awards, sponsored by the Wisconsin Credit Union League and the Credit Union National Association, recognizes credit unions that demonstrate the internal application of the credit union philosophy of “people helping people” through special programs.
CoVantage earned the first-place Louise Herring Award in recognition for the creation of a unique loan program specifically designed to provide relief and reassurance to members through the uncertain times of the Pandemic. CoVantage’s Summer Bucks Loan – available in August 2020 – allowed members to obtain a loan with no minimum credit score or loan amount with a simple digital application that was processed within 24 hours. This allowed members to borrow at significantly lower-than-average interest rates, helping members-owners avoid a financial emergency and prevent snowballing debt from predatory lending. CoVantage helped over 1000 members with the Summer Bucks Program.
CoVantage’s efforts promoting financial literacy earned them a second-place Desjardins award among credit unions over $1 billion in assets. CoVantage converted their in-person financial literacy curriculum into digital modules that were easily shared online to continue serving members with tools to help them succeed financially during the pandemic. Daily financial literacy lessons were released onto digital platforms (i.e., website and social media) to help parents and teachers supplement home learning curriculum covering a variety of topics ranging from budgeting to taxes to predatory lending.
“2020 was a challenging and uncertain time for many of our member-owners. We are proud that we made special efforts to support individuals and families impacted by the economic and social impacts of the pandemic,” said Howard Heinrich, Vice President Consumer Lending. “CoVantage has a long history of assisting member-owners in times of need, and we are devoted to helping those who support their credit union.”
First place award winners of the Louise Herring and Desjardins Awards advanced to national-level judging among credit unions over $1 billion in assets.
The Philosophy -in-Action award is named in honor of Louise Herring, an active supporter, organizer, and champion of credit unions. She was the Ohio delegate to the 1934 national credit union conference in Estes Park, Colorado, where she signed the original constitution for a national credit union association.
The Desjardins Adult and Youth Financial Education Award programs recognize leadership within the credit union movement on behalf of financial literacy for members and nonmembers of all ages. The award, named after credit union pioneer Alphonse Desjardins, emphasizes the movement’s longtime commitment to financial education.
CoVantage Credit Union is a purpose driven organization with a mission to welcome all regardless of wealth, providing outstanding value and exceptional service, work with members experiencing financial challenge, and remaining financially strong. Headquartered in Antigo, Wisconsin, the credit union has $2.6 billion in assets and serves over 140,000 members across all of their locations. Founded in 1953, the financial cooperative serves members living or working in 30 counties in Wisconsin and three counties in the U.P. of Michigan.