SCE Federal Credit Union Foundation’s New Name Translates to More Financial Education in Southern California & Southern Nevada
‘Center for Financial Empowerment’ will expand financial classes & assistance to low-income communities by 30 percent in 2014Sep 18, 2013 | News & Press
FOR IMMEDIATE RELEASE
IRWINDALE, Calif. (September 18, 2013) – SCE Federal Credit Union Foundation, a non-profit financial institution dedicated to educating communities in Los Angeles and Las Vegas about personal finance, today announced its new name – Center for Financial Empowerment (CFE).
“After eight years of offering financial literacy training to teenagers and families, we wanted our name to better reflect what we do,” said George Poitou, Chief Operating Officer of SCE Federal Credit Union and CFE Board member. “Thousands of individuals have been empowered to improve their financial futures through our programs, which makes the new name a good fit for our organization.”
The non-profit organization was founded by SCE Federal Credit Union in 2005 to address the wide spread need for basic personal finance education, especially in low-income communities. The Center for Financial Empowerment has formed plans to expand its outreach by 30 percent in the coming year.
California is one of 46 states that has not required students to take a financial literacy course in order to graduate in the past, and in the 2012 National Financial Capability Challenge, the state’s average student score ranked 44th. This problem isn’t contained to teenagers. A recent Wall Street Journal article, “Americans Short on Financial Know How,” reports that consumer’s knowledge of finances has decreased since the recession recovery began in mid-2009.
“For every classroom of students we teach, there are thousands more who need to learn the life-changing money skills we can provide,” said Abby Ulm, Manager of the Center for Financial Empowerment. “Our goal is to teach financial education to 5,000 people in 2014 – approximately 1,200 more than our average for the last three years. This means 40 more classes and seven more real-world financial simulation events for our communities.”
About Center for Fianancial Empowerment, formerly SCE FCU Foundation
The Center for Financial Empowerment is a non-profit 501(c)(3) charitable agency whose mission is to educate underserved youth and families in the principles of personal finance. The Center partners with schools and community organizations in Southern California and Southern Nevada to offer financial education, assistance, and improvement programs, giving people the power to make better financial choices and achieve an improved quality of life. Formerly called the SCE FCU Foundation, the Center changed its name in September 2013, to position itself for future growth. SCE Federal Credit Union is the primary supporter of the Center for Financial Empowerment.
SCE Federal Credit Union was founded in 1952 and currently has more than 46,000 members, $600 million in assets, several Southern California and Southern Nevada branch locations, thousands of shared branch locations across the United States and nearly 30,000 surcharge-free ATMs available to members.
SCE FCU serves all of Southern California and Southern Nevada, with membership open to individuals and businesses, and is a not-for-profit entity committed to improving the financial well-being of the communities it serves, especially people underserved by mainstream financial institutions. With a strong commitment to volunteerism, employees donate hundreds of hours to local community causes each year. Additionally, the creation of the Center for Financial Empowerment, formerly the SCE FCU Foundation provides much-needed financial education to the underserved and high schools in Las Vegas, Nevada and in Duarte, Baldwin Park, Ontario and Lynwood, California.