First Alliance Credit Union of Rochester MN has been honored with a 2020 Louise Herring Philosophy-in-Action Award. The award, sponsored by the Minnesota Credit Union Network (MnCUN) and the Credit Union National Association (CUNA), recognizes credit unions that demonstrate in an extraordinary way the practical application of the credit union movement's principles in serving their members.The credit union was honored for their “no judgment, just guidance” lending program, which aims to get a complete picture of any member who applies for a loan instead of solely judging them on their credit score. The program is also designed to educate members about basic financial literacy to help improve their financial situation in the long-term.
“Getting approved for a loan can be critically important for someone with a low credit score,” Troy Brenhaug, Consumer Lending Manager at First Alliance Credit Union, said. “We want to help members of our community who might get declined at other financial institutions.”
First Alliance’s winning entry will advance to the national competition, where it will compete with financial education projects from credit unions in other states.
The 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. Herring believed that credit unions should work in a practical manner to better people's lives. She saw the credit union as more than just a financial institution. In her own words, "The purpose of the credit union is to reform the financial system, so that everyone can have their place in the sun."
About First Alliance Credit Union
First Alliance Credit Union was founded in in Rochester, MN in 1932 by seven Rochester firefighters and a school teacher. The credit union’s mission is to provide compassionate guidance and resources to promote the financial well-being of its members and the communities they serve. Membership is open to everyone who lives, works, worships, owns a business or attends school in Olmsted, Winona, Wabasha, Dodge and Goodhue counties. The credit union has five locations in the Rochester area and surrounding communities.