In the interest of financial well-being

The ELCA Federal Credit Union has come of age.

Approaching its seventh anniversary, the ELCA Federal Credit Union is extending significant benefits to the members, congregations and ministries of the ELCA.

Born of the vision by the ELCA and the Mission Investment Fund to serve the full ELCA community with a complete offering of financial products and services, the Credit Union is delivering on that mission.

The Credit Union opened as the first ELCA financial ministry to offer consumer loans and credit cards—in addition to savings and checking accounts—to individual members. Fast forward seven years, and Credit Union offerings have expanded into home mortgages, refinancing and home equity lines of credit.

The need couldn’t be greater now. With rising interest rates and high inflation, American consumers’ credit card debt has risen to the highest level in a generation. Most bank credit card rates are at their highest levels in three decades.

The ELCA Federal Credit Union offers a real solution.

“Our personal loans and lines of credit can help consumers consolidate their high credit card debt,” says Luis Reyes, Credit Union President and CEO. “Our rates are significantly lower than bank cards.”

Reyes says clearly: “Our mission is to enhance our members’ financial well-being.”

Just as the Credit Union’s portfolio of consumer products has flourished, so has its offerings for congregations and ministries. In addition to savings, checking and CD accounts, the Credit Union provides unsecured ministry loans up to $100,000 for small building projects, purchases and operating expenses. Another well-received offering is vehicle financing for new and used cars as well as refinancing for current auto loans.

The Credit Union’s credit card program is an important benefit for many ministries. Featuring a low finance rate, no annual fee and no transaction fees, the Credit Union’s Mastercard program can be customized for each ministry, allowing as many cardholders as a ministry may need. The cards are secured with interest-earning deposit accounts.

For both individuals and ministries, the Credit Union offers a modern customer experience, with complete online banking, a robust mobile app, remote deposit capture, person-to-person payments and more.

Over the past seven years, the Mission Investment Fund has been solidifying its partnership with the Credit Union. This cooperation resulted in the offering of Paycheck Protection Program loans for congregations during the pandemic and in augmenting emergency savings for rostered leaders through the ELCA’s Resourceful Servants program.

Again in collaboration, the Credit Union and MIF are developing a special CU@Work program for the employees of MIF ministry customers and all ELCA ministries and organizations. Still in its infancy, the concept will present these organizations with the opportunity to offer Credit Union services to their employees—providing a full complement of financial services to each ministry.

“Our future together calls for an even more integrated alliance,” says MIF President Eva Roby. “Together, MIF and the Credit Union can enhance the financial wellness of individuals, congregations and ministries. That will have a resounding impact throughout the church and in our communities.”