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CommonWealth One Federal Credit Union has been honored by the Credit Union National Association (CUNA) as a national first place winner in the 2016 Desjardins Youth Financial Education Award.
Earlier this year, CommonWealth One won first place in this awards program at the state level in Virginia for the second year in a row. The recognition is for the credit union’s ongoing efforts to educate young people about responsible personal financial practices.
The Credit Union National Association (CUNA) created the Desjardins program as a way to honor credit union leaders working to provide financial education to members and communities. The award was named for Alphonse Desjardins, who founded the first credit unions in the United States and Canada, and was a champion of financial education, youth savings clubs and school-based “banks.”
As an Alexandria City (Virginia) Public Schools Community Partner, CommonWealth One educates youth on smart financial practices through seminars at local schools, community centers, libraries and business centers. They also offer monthly Credit Union Days, deposit-only savings days that give students a chance to save money for their futures at school.
Additionally, the credit union is a partner of the Centsables Youth Program, the Banzai Literacy Program and offers youth accounts featuring educational programs for certain ages. They are the only on-campus credit union at James Madison University in Harrisonburg, Virginia.
During the summer of 2016, CommonWealth One also founded the Home Run Reading Challenge, which rewards local youth with cash for reading books themed around good money management skills and responsible spending and saving.
CommonWealth One will receive its national award during the Credit Union National Association’s Government Affairs Conference in 2017.