Credit Union of the Year $500M or Less Affinity Credit Union Des Moines, Iowa In 2018, Affinity Credit Union shifted its mission and vision statement to a simple and succinct representation of why they do what they do: Building Better Lives. The statement represents the true essence of the low-income credit union founded by union tire factory workers 74 years ago. The credit union ultimately exists to provide the tools and assistance to help its members live their best lives. Affinity Credit Union helps people do more with the money they earn, so that they can live the life they want. One of the best examples of this philosophy is the story of Affinity member James Reasoner. Reasoner was on the brink of bankruptcy when he received a letter from Affinity regarding the repossession of his vehicle. Instead of taking the car and cutting losses, Affinity’s collections manager sat down with Reasoner and helped him establish a meticulous budget to get his financial life back on track. Today, Reasoner has an 800+ credit score and was recently elected to serve on the Affinity Credit Union Board of Directors. As a low-income designated credit union, at least 50% of Affinity members reside in areas where the average family income is 80% or less than the median family income of Des Moines. Knowing how valuable each dollar is to its average member, Affinity made the decision to reduce all NSF and overdraft fees from $25 to $15. In 2022, this equated to members paying $374,880 less in overdraft fees than they would have had the fee not been lowered—not to mention, this was bottom-line revenue that the credit union willingly sacrificed to do what they thought was right for their members. Affinity Credit Union also devotes a large percentage of resources to community involvement. Some, but not all, examples include providing six annual scholarships totaling $9,000 to students at traditionally low-income high schools, holding an annual charity golf event for nearly 30 years which has resulted in over $400,000 being raised and donated to local charities and non-profits, and providing nearly $100,000 in donations and contributions since 2018 to local charities as part of its annual Building Better Holidays campaign. Affinity Credit Union knows its membership and, more importantly, knows how to serve its membership. The credit union’s mission could not be more evident today. 31 THE NAFCU JOURNAL September–October 2023
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