Credit Union Brings New Cultural Lending Approach to Woodland
Travis Credit Union Honors New Era Tanda Graduates
(8/15/2013) VACAVILLE, CA — Travis Credit Union executives, the Yolo Family Resource Center and city officials honored and celebrated the graduates of TCU's New Era Tanda Program. Through a partnership between the Yolo FRC and the Credit Union, The New Era Tanda product/program uses a grassroots approach that is culturally relevant to the Woodland community.
The New Era Tanda Graduation and Celebration was held Thursday, August 15, at the Yolo Family Resource Center located at 828 Court Street in Woodland. Participants and their families discussed how the program affected their financial well-being. Additionally the results from the overall findings were disclosed to the community.
"The New Era Tanda Program was funded by a grant provided by the National Credit Union Foundation," stated Barry Nelson, executive vice president of Travis Credit Union. "The grant's goal was to study, test and implement a savings and lending program that leverages a Latin American cultural tradition, the Tanda. The program incorporates financial education, peer learning and social reinforcement and rewards to provide a valuable alternative to the consumer and to gain the trust of the local underserved Hispanic community."
Participants contributed on a weekly or monthly basis to a fund, which was then given, in its entirety to each contributor in rotation. The Tanda is a way in which participants could save money toward a large purchase and/or pay off debt. As part of the pilot program, TCU researched how the Tanda product/program could be coupled with financial education and used to build the credit of participating individuals at the credit union and through credit bureau agencies.
Findings were reported along with the measured results to the National Credit Union Foundation. The program launched in fall of 2012, and concluded in September 2013.
Contact: Shérry Cordonnier,
Director of Corporate Relations
Travis Credit Union
Headquartered in Vacaville, California, Travis Credit Union is a not-for-profit, cooperative financial institution serving those who live or work in Solano, Yolo, Sacramento, Placer, San Joaquin, Stanislaus, Napa, Contra Costa, Alameda, Sonoma, Colusa, and Merced Counties. Currently, Travis Credit Union is the 11th largest credit union in California, with more than 178,000 members and over $2.1 billion in assets. As one of the leading financial institutions in Solano, Contra Costa, Yolo, Napa, and Merced Counties, Travis Credit Union's strength lies in its faithful commitment to its members; its solid, secure history; and its long-standing track record of dedicated service.