This summer, 11 Catholic credit unions formed a new
association, Catholic Credit Unions of America (CCUA), to
share best practices and finance larger projects within their
parishes, schools and dioceses.
Previously, many credit unions would not have been in a
position to loan money for larger projects, such as financing
a new gym for their local Catholic school, according to Tom
Gryp, president of Notre Dame Federal Credit Union in Notre
Dame, Ind. Now, a member union can take the loan to CCUA,
giving the borrower a chance to “do business with a financial
institution that shares their values.”
Related: St. Ann credit union helps parishioners avoid
predatory loans
Hoping to “stem the tide” of credit unions going out of
business in recent years, CCUA will help lift some of the
burden of staying compliant with complex government
regulations, Gryp said. It also will help member unions with
issues surrounding new products, technology and canon law.
“What we want to do is build up Catholic credit unions in the
United States, so that there is a Catholic presence in the
financial world,” said Gryp.
