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April 1, 2022

Easy Money – Q2 2022 Newsletter

EASY MONEY - CBCs enewsletter

Spring 2022

Experience the Epic Difference!

Welcome to CBC’s eNewsletter! Get the latest news about what’s going on in and around CBC Federal Credit Union.


Letter from our president and CEO, Rick Weber.

Rick Weber, President and CEO of CBC Federal Credit Union
Rick Weber – President & CEO

At CBC, our vision is “to inspire financial happiness one member at a time” by “empowering people along their financial journey through personalized and innovative service.” Over the first year of our new strategic plan, we set out on a journey to better empower our Latino and Hispanic membership by pursuing the Juntos Avanzamos (“Together We Advance”) designation for credit unions. Juntos Avanzamos is a designation given to credit unions that demonstrate an unwavering commitment to Latino, Hispanic, and immigrant consumers. 

CBC is proud to announce its official designation as Juntos Avanzamos; with this designation, we join a proud network of 112 credit unions across the United States, Puerto Rico, and the District of Columbia. I’d like to share some of the work we did over the last 18 months that enabled this certification:

  • Created a Spanish landing page on our website
  • Translated major compliance documents to Spanish
  • Translated major marketing materials into Spanish
  • Created a lending program to accept ITIN for auto loans
  • Uploaded Spanish video “How to” guides to our webpage
  • Translated our NPS surveys into Spanish
  • Created a Payday Alternative Lending product (to be released in April)
  • Built financial education relationships  
  • Ensured bilingual staff were present at all branches

We are proud to call ourselves Juntos Avanzamos!

Next, as part of our mission to empower our community, we created a student checking product. Epic Student Checking provides many valuable perks for students currently attending college. Epic Student Checking helps young adults by teaching them the fundamentals of money, how to save, and how to build credit.

Moreover, the EPIC Student Checking provides college students with increased independence by establishing their own checking account full of benefits that include identity theft protection, roadside assistance, cell phone protection, credit monitoring, discounts on loans and credit cards, and many other perks. (One of those many other perks is “End of Semester” events at our Camarillo location in partnership with Dunkin’ that will help with the stressful days of Finals. Come get your coffee and donuts!)

Finally, in the 3rd Quarter of 2021, we launched our Members of CBC Insurance Agency.  Over the past several months, the insurance agency has grown to 90 members and over 120 insurance policies issued. On average, we help our members save $300-$500 dollars per year on their policies across Auto, Home, Commercial, and Life Insurance.  Additionally, our agency agents are bilingual and pride themselves on having the best customer service and attention to our members.  We look forward to serving your insurance needs!

$10 Million of Secondary Capital into CBC FCU

National Cooperative Bank Collaborates with Inclusiv to Invest $10 Million of Secondary Capital into CBC Federal Credit Union

National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, is pleased to announce its $4.5 million participation in $10 million of Secondary Capital investments to CBC Federal Credit Union.

CBC Federal Credit Union, a certified Community Development Credit Union with 27,000 members and 3 branch locations in Ventura County, California will utilize the $10 million of Secondary Capital funding to develop programs to help their members including credit building loans, payday alternative loans, programs to extend outreach to the Hispanic community and a new checking account that will provide a pathway for members to transition to a full-service checking account responsibly. 

“NCB has been working with Inclusiv since 2015 in providing secondary capital loans to low-income credit unions in underserved communities”, stated Ann Fedorchak, Director of Co-op and Community Development at NCB. “We are very proud to continue this program and help low-income credit unions create meaningful impact in the communities they serve.”

“Inclusiv is very grateful for the partnership and support of National Cooperative Bank on this vital capital resource for Community Development Credit Unions such as CBC FCU,” stated Eben Sheaffer, CFO/ CIO at Inclusiv.  Supporting mission-focused Inclusiv member credit unions and the communities they serve is the primary focus of the Inclusiv Capital investment program. We look forward to further expanding our investments to help strengthen more underserved communities. 

“We can’t say enough great things about Inclusiv and their team of professionals that helped us build the plan and found us the funding to make our credit union’s vision possible,” stated Rick Weber, President/ CEO of CBC Federal Credit Union. “We were not only empowered by obtaining the secondary capital, but Inclusiv has become a tremendous resource in all aspects of serving the underserved. We are looking forward to our continued journey with Inclusiv and NCB as we make the communities we serve better.”

NCB

About National Cooperative Bank

National Cooperative Bank is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.

About Inclusiv

At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). For more information about Inclusiv visit us at Inclusiv.org and connect with us on Facebook, LinkedIn and Twitter.

Employee Spotlight

Diego Alpuche

Support Specialist l
Headquarters

Diego has been with CBC since October 2021. Although he may be new, he has been a quick learner and is always on the lookout to be a helping hand. According to his team, he is always making suggestions to make the credit union more officiant and successful.  

His favorite thing about working at CBC is being able to help his peers with all thing’s technology. He enjoys connecting with his coworkers and making new friends. On the weekends, Diego enjoys playing with his 5-year-old Husky and watching his favorite show, The Office.  

When asked, Diego says that in his career at CBC he plans on constantly learning and he wants to be known as the helping hand for our IT Department. He hopes to have the opportunity to implement innovative ideas for the credit union that will result in growth and future successes. His energy, ambition, and motivation for helping others is something that spotlights Diego in what he has done so far and what he will continue to strive to do at CBC. 

Community Snapshot

Helping Hands

Over the years, the Ventura Branch Team has built a long lasting relationship with Ventura City Fire Chief, Jack Hansen, who has been a member with us since 2001. On one of his visits to the branch, he shared with our team that after 36 years of firefighting, he will be retiring. Our branch team members thought that this would be the perfect time to find a way to thank Mr. Hansen for his years of service and continued membership with CBC. On his next visit into the branch, our team members presented to him a custom iron fire department logo with his last name and the year that he became a firefighter.

CBC Federal Credit Union is proud to have members, like Mr. Hansen, who serve our community. We hope that you enjoy your retirement and thank you for continuing to chose CBC for your financial needs!

Latino Community Outreach

If you haven’t heard, we were awarded a CDFI technical assistance grant because of CBC’s commitment to our communities. What does this mean? CBC is launching efforts and resources to assist our low-income and underserved members. Some examples include providing products and services often out of reach at corporate banks. Some examples are ITIN lending, providing financial education in Spanish, and lending documentation in Spanish. Visit www.cbcfcu.org/news/we-received-a-cdfi-grant/ for more information!

Click here for more news and event information!

Board of Directors Announcement

The date for receiving member applications for nomination consideration to the CBCFCU Board of Directors closed on February 1, 2022. The Nominating Committee has determined that the following candidates are qualified and eligible for re-election to the Board of Directors: Hal Karam. Since there is a qualified candidate to fill each Board vacancy for the upcoming term, no nomination from the floor will be permitted during the Annual Meeting. However, if a member wishes to be considered at this time, then a Petition must be effected and submitted to the Credit Union Board of Directors Nominee Announcement.
The deadline for receipt of a Petition for consideration as an additional Director Nominee is May 1, 2022. 

Please contact Hal Karam, the Nominating Committee Chair, by e-mail at [email protected] for Petition requirements information and form. 

If there are no additional qualified candidates from a Petition process, there will not be an election, and the Slate of Candidates as stated above will be installed by general consent at the Annual Member Meeting scheduled for June 23, 2022, 5:00 p.m. via a virtual Zoom Meeting. 
 
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