Rita Haynes

By Joyce Moed, Reporter

CLEVELAND–Rita Haynes, president/CEO of Faith Community United Credit Union, was recently honored with the “Hardest Working” award from the Tom Joyner Morning Show, which airs daily on ABC radio syndicates nationally.

Haynes, known as a pioneer of the CDCU movement, has been involved with Faith Community United CU for more than 30 years, and became the CU’s president/CEO in 1989. Since then, the CU has grown to become the largest minority-owned financial institution in Ohio, with more than $10 million in assets and serving various congregations.

“Her work in obtaining a donated bank branch to better serve her community is a national model for community development credit unions across the country,” said Clifford Rosenthal, Federation executive director.

The Hardest Working award contest, which honors “extraordinary people who do extraordinary things” welcomes candidate, awards ones winner each week.

“I understand I was chosen from 1,000 in mine,” Haynes said.

The Credit Union Journal asked Haynes about her history with Faith Community United CU, and what she sees for the future of the industry.

CU Journal: Why are products such as your CU’s Grace Loan (developed as an affordable alternative to predatory lenders) so important?

Haynes: Payday Loan sharks are charging our residents up to 491% on small loans and trapping them into a pattern that is detrimental to their well-being. Our Grace Loan product lures them back to good practical uses of small loan borrowing with financial counseling and saving.

CUJ: What kind of changes have you seen with the credit union you have been involved with for 30 years?

Haynes: Members were limited to the church and now we serve the community and other church congregations. I have seen it go from hand posting using a cigar box as the cash drawer to total automation. We used to have to carry the money to the bank and now we can automatically transfer the net amount to the settlement account and investments through our Corporate. We also help the members pay their bills automatically, thereby saving them the cost of paying for checks or money orders and postage.
 
CUJ: Why have you stayed with Faith Community United CU for so many years?

Hanyes: I believe that the credit union movement empowers and offers communities control of their own destiny. I have faith that if we plant good seeds we will reap a good harvest. God blesses those who help others. I still remember when I was discriminated against and not given equal opportunity. All hardworking Americans deserve the same opportunities.

CUJ: What were the steps involved causing the credit union to grow so much over the years?

Haynes: Education and development of a good volunteer board, management and staff who work in harmony together.

CUJ: Why do you think it was important for a small institution to expand to serve a much larger population?

Haynes: In order to offer the services that members are requesting based on the competition, a larger pool is required.

CUJ: What do you see for the future of Faith Community United CU?

Haynes: Of course, I see a bright future, because we have built on a solid foundation. It will not be without struggle, however, as we face grave economic conditions in Cleveland. God promises to reward those that are diligent and follow his commandments. We have partnered or received support from groups (WECO, The Federation, AACUC, VISTA, OCUL, CDFI, NEEFE) that help us fulfill our mission of serving and providing financial education to those who live, worship or work in Cuyahoga County.

CUJ: What do you see for the future of the CDCU movement?

Haynes: I think the future of the CDCU movement is bright as long as continues to keep in touch with the needs of its credit unions and provides the services and education they need. The programs provided by the Federation such as non-member deposits, Apple Grant and Pride Grant opportunities have helped us to grow. The CDCU Institute is a valuable asset to managers and boards wishing to grow. I was in their first graduating class. The Capitalization Program has been helpful to many credit unions. I'm particularly proud of the Bridge program that teams large credit unions with smaller credit unions and of the Community Development Partners program that was also started during my presidency.
 
10) What advice can you give to other minority-owned financial institutions hoping to grow in a similar fashion as Faith Community United?