Self-Help Federal Credit Union in California
Self-Help Federal Credit Union, operating in California, seeks to ensure and provide access to affordable and responsible financial products and services for low- and moderate-income communities as well as those left out of the financial mainstream.
Self-Help Federal Credit Union (Self-Help Federal) received its charter from NCUA in July 2008 with the stated purpose of serving California’s working class communities by building a statewide network of branches. And, while Self-Help Federal is itself a new institution, because our growth is largely through mergers (more on mergers), we are inheriting and preserving a long, deep and important history of supporting California communities.
Why build Self-Help Federal Credit Union in California?
Aviso de nuestra Junta Anual
Struggling California families increasingly lack access to affordable, responsible retail financial products and services. Basic financial services such as savings and responsible use of credit are a critical gateway to wealth-building and upward economic mobility. Unfortunately with deregulation, most mainstream financial institutions have focused on wealthier target markets and developed fee structures that penalize hard working families. Alternative financial providers such as check cashers, payday lenders, rent-to-own stores, and pawn shops have emerged to fill the void, particularly in lower-income communities. These alternative providers offer few options to build wealth and frequently strip wealth from Californians through overpriced and often predatory products.
Without changes in the competitive marketplace and appropriate government policy, this financial services gap will persist, and likely widen as many banks and credit unions further retrench in response to the current financial crisis, closing branches and reducing service. Through Self-Help Federal, we hope not only to provide important services directly to California communities, but also to demonstrate a model for serving these communities both profitably and responsibly that other socially-motivated and mainstream financial institutions can replicate for substantially broader impact.
Self-Help Federal’s growth into a large, financially sustainable credit union branch network serving California families will be driven by growth through mergers and our innovative Micro Branch model. Of course, we also encourage and appreciate the support of socially responsible depositors.
