Underserved Areas

"The doors are open if the vision is there to go through them."

Following NCUA's recent rule change IRPS 08-2, underserved area adoptions remain a viable growth and diversification strategy for multiple common bond credit unions. Although the new rule raises additional hurdles for approval to serve an underserved area, the value in adding underserved areas to your charter are numerous.

The numbers clearly indicate that credit unions serving underserved areas have stronger growth rates than do the overall credit union community as a whole. Likewise, the ability to offer a lower cost financial alternative to the many pawn shops and check cashing outlets that seem to be on every street corner in an underserved area is an integral part of the credit union heartbeat.

In fact, documentation of service to persons of modest means is a growing credit union priority that can be enhanced by adopting underserved areas. Most credit union core processing systems can monitor new loans, account openings and services extended to residents of underserved areas through their addresses.

Equal in importance to the service and growth opportunities that come from adopting underserved areas, the ability to expand a credit union's outreach into an underserved neighborhood or community provides a membership diversification option that can help position the credit union to prosper for decades to come.

With over 90 million Americans living in underserved areas throughout the United States, many need a financial partner to assist them with their American Dream of financial self sufficiency. A pawn shop or check cashing outlet is not the partner they need.Underserved areas across America need the lower cost financial services that can be provided by credit unions. The doors are open if the vision is there to go through them.

100 percent of Dollar Associates Underserved Area clients indicated they would recommend our services to another credit union.

Comments from Underserved Area Clients:

"We felt that Dollar Associates played a strong vital role in our expansion. You guys were quite helpful in all aspects of this application from beginning to end."

Gary Fairley, Manager, Jackson Area FCU, Jackson, MS

"Overall excellent experience! Thank you!"

Jason Bierman, Corning Credit Union, NY

"You made the process simple. Our board of directors were impressed with your company's insight and commitment to our industry. We together made the right decision that will be beneficial for a lifetime."

Todd Swims, CEO, Leaders CU, Jackson, TN

"Your staff was easily accessible and easy to work with. They took the time to explain both the process and procedures. Kirk and Chris were very patient and understanding with the credit union as we worked through our questions. It was a great experience."

Patti Seymore, SC Telco FCU, Greenville, SC