Affinity Plus wins state-level Louise Herring Philosophy in Action award; advances to national...
Monday, September 19, 2016
Affinity Plus Federal Credit Union - ST. PAUL, Minn. (Sept. 19, 2016) - For the second year in a row, Affinity Plus Federal Credit Union has won the state-level Louise Herring Philosophy in Action award from the Credit Union National Association (CUNA).
CUNA’s Louise Herring Philosophy in Action award is given to credit unions for “practical application of credit-union philosophy within the actual operation of the credit union,” according to its website.
DATA ANALYSIS TO BENEFIT MEMBERS
Affinity Plus won for its efforts to use unique data analysis to determine that more than 1,400 members could benefit from lower mortgage payments and interest rates.
That 2015-2016 outreach resulted in members saving more than three million dollars, according to Brian Volkmann, executive vice president and chief financial officer.
Volkmann described one example where data analysis showed a member’s loan term could be reduced by 10 years; the interest rate would drop by 2.25 percent; she would save more than $50,000 in interest over the life of the loan; and her mortgage payment would change by only $45 per month. The entire refinance process took 35 days, he noted.
Affinity Plus now joins three other Minnesota credit unions and advances to national judging against credit unions from across the United States. Each, including Affinity Plus, won in its respective financial-assets category. CUNA will announce overall national winners Feb. 22, 2017, during its five-day Governmental Affairs Conference in Washington, D.C.
The 2016 state-level selection also means a return trip for Affinity Plus to the 2017 national conference. In March of this year, the credit union won second place overall nationally for its 2015 entry. Last year’s entry highlighted Affinity Plus’ estate-planning program and services.
ABOUT AFFINITY PLUS
Affinity Plus Federal Credit Union is a not-for-profit financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees and unique, member-centric products and programs. Based in St. Paul, Minn., Affinity Plus has 28 branches throughout Minnesota. Affinity Plus has over $1.8 billion in assets and $3.5 billion in assets under management, and is owned by more than 180,000 members. Additional information is available at www.affinityplus.org or by calling (800) 322-7228.