PSCU Financial Services Grant to Fund Filene Research ProjectsSt. Petersburg, FL, February 23, 2004 - PSCU Financial Services and the Filene Research Institute have announced a grant of $250,000 by PSCU Financial Services, to partially fund a new Filene research initiative examining financial issues facing young adults and young families. The announcement was made at the Filene Annual Membership meeting in Washington, D.C., held in conjunction with CUNA's Government Affairs Conference."Through this grant we hope to make a statement that we are here to help all credit unions grow and prosper," said PSCU Financial Services President David J. Serlo. "As a cooperative organization, our shared vision and values make it essential that we support programs focused on the future of the credit union movement and the member credit unions that own PSCU Financial Services." The grant will be used to fund Filene research focusing on credit union members and potential members under age 30. Some of the topics to be studied are first-time used car buyers; first-time homeowners; and building trust with younger members, according to Tom Dorety, President/CEO of Suncoast Schools FCU and Chairman of Filene. "This generous gift gives the Filene Research Institute the resources necessary to investigate issues critical to developing the next generation of credit union members," Dorety said. "It also validates the importance of the research being conducted by Filene in the interest of credit unions throughout the nation." Previous Filene research into the financial needs of younger members includes the 2003 monograph, Attracting and Retaining Young Adult Members. That report noted that the under-30 population represents enormous present and future buying power, and is a key component of credit union success in tomorrow's competitive arena. For example, without the borrowing power of younger members, the average credit union "stands to lose an estimated $14 million in lost loans over the next 10 years." About PSCU Financial ServicesPSCU Financial Services is the nation's largest Credit Union Service Organization (CUSO). As a non-profit cooperative, the company is owned by more than 500 member credit unions nationwide, representing more than 8 million cardholder accounts and 200,000 online bill payment subscribers. PSCU Financial Services maintains its headquarters and Eastern operations center in St. Petersburg, Florida. The company is also supported by a West Coast operations center based in Phoenix, Arizona. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range ofprocessing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As the leader in the credit union industry, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at www.pscufs.com. About Filene Research InstitiuteThe nonprofit Filene Research Institute examines vital issues affecting the future of credit unions and consumer finance. More than 1,460 credit unions, credit union organizations, and credit union executives are members. The Institute works in cooperation with the Center for Credit Union Research at the University of Wisconsin-Madison.
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