Herring Philosophy-Bridge CU

Credit Union/Chapter or Group: Bridge Credit Union
Street Address: 1980 West Broad Street
Columbus
Contact Person: Keri Moser
Title: Vice President
City:
Phone Number:
State: Ohio
614.466.4988
Asset Size (circle one):
E-mail Address:
Zip:
43223
[email protected]
Haynes Circle ($35 million or less in assets)
$36 to $100 million in assets
More than $100 million in assets
Credit union chapter/group
Credit union’s field of membership: Distribution, Logistics, Construction, Engineering and
Warehousing sectors of the Transportation Industry
Number of credit union branches: 1
Number of credit union members: 7647
Number of credit union employees: 16
Number involved in implementing the project: 16
Include significant promotional materials, descriptions, and photos of the project/event with your nomination form. Submit
materials in a non-permanent three-ring binder, notebook, or folder, and any electronic support materials – websites,
social media, videos, etc. – via e-mail to [email protected] (limit 20MB, please).
Answer the following questions using additional paper:
 If your credit union was involved in multiple projects, list them. If not, proceed to the next question.

Select and describe the one project that was the most successful and unique, and best exemplifies the Louise
Herring Philosophy-in-Action Member Service Award.
The following questions must be answered based on the one project named in the previous question.
1. How does your project help your members?
2. Describe how your credit union implemented the project (i.e., explain the process).
3. How does the project differ from day-to-day operations? How could it be used throughout the credit union
system?
4. Explain how members were educated about the project/process and how it showed true credit union philosophy.
5. How is this project going to be used to serve the credit union’s members on a consistent basis?
6. How does the project show your credit union’s commitment to the credit union principles of democratic structure,
service to members, on-going financial education, and social goals?
7. Describe the measurable or defined results the project achieved.
Louise Herring Philosophy-in-Action Member Service Award Nomination Form
Ohio Credit Union League 2014 Leadership Recognition Award
2014 Louise Herring Philosophy-in-Action Member Service Award Nomination
Project – Commercial Drivers License Loan Program
Bridge Credit Union
Members – 7,647 Assets - $46,664,721
Select and describe the one project that was the most successful and unique, and best exemplifies the
Louise Herring Philosophy-in-Action Member Service Award.
Bridge Credit Union’s most successfully unique program that exemplifies the Louise Herring Philosophyin-Action Member Service Award was the development and implementation of a Commercial Drivers
License Loan Program.
1. How does your project help your members?
In 2013, Bridge Credit Union began providing Commercial Drivers License (CDL) Loans. This specialized
loan product was designed to meet the needs of Central Ohio’s trucking industry. The Bridge Credit
Union CDL Loan provides an affordable financing option for students seeking to obtain CDL training and
certification. By forming a partnership with Roadmaster Driving School, Bridge has been able to offer
this product and credit union membership directly to Roadmaster students during their financing
consultations with the school. This loan has created an affordable option for commercial driving
students in need of financing assistance, as it offers a significantly lower interest rate than previous
alternatives. In addition, this loan includes a 90 day payment deferral which allows training to be
completed before the first payment is due.
2. Describe how your credit union implemented the project (i.e., explain the process).
Since 1967, Bridge Credit Union has provided financial services to employees of the Ohio Department of
Transportation. With a shrinking state government workforce, it became apparent that Bridge would
need to expand its base of members in order to maintain relevance in today’s financial services market.
In an effort to spur growth, Bridge Credit Union underwent a charter expansion to allow services to be
provided to employees of private-sector transportation companies. Bridge Credit Union’s management
and board of directors felt that it was important to engage in product development to meet industryspecific needs in addition to offering traditional banking products. Understanding that the commercial
trucking segment of the transportation industry is currently experiencing a significant driver shortage –
over 30,000 truck driving jobs remain unfilled nationwide, with that number increasing as more drivers
near retirement age – Bridge sought to develop a solution to help create jobs in this arena.
By approaching Roadmaster Driving School, Bridge management was able to uncover a financing need
for driving students seeking to enter the commercial trucking industry. It costs $6,500 for a student to
complete CDL training at Roadmaster, and many perspective students do not have access to these funds.
Roadmaster training is attractive to many job seekers, as the investment leads to a promising outlook –
Most students complete training in 3-4 weeks, and Roadmaster has a job placement rate that is nearly
100% with many employers offering tuition reimbursement programs to students who are hired. While
some national lenders do offer financing for this type of training, the high interest rates charged makes
the out-of-pocket cost even higher for driving students and the companies who provide tuition
reimbursement. It was quickly apparent that providing an affordable financing alternative would not
only help to fill a real-world need within the transportation industry, but also create an exciting growth
opportunity for Bridge Credit Union.
After an initial meeting with Roadmaster, Bridge was able to finalize the parameters of their CDL Loan
product and develop an implementation process. This loan option would be made available to
Roadmaster students during their financing consultation, at which time their Finance/Placement
Manager would assist the student with completing both the Bridge membership and loan applications.
Students would also sign authorizations for payroll deduction and for tuition reimbursement payments
to be made directly to Bridge. Loans would be granted to individual students, with the loan being
funded once the student completes their Roadmaster training. Within days of the initial meeting with
Roadmaster, Bridge had already processed its first group of CDL Loan applications.
Still ongoing, this loan program is achieving its goal of providing a more affordable financing option for
Roadmaster students. On average, the interest rate that Bridge has been able to offer has been 6% lower
than that available through other lenders. In addition, the first payment on each loan is deferred for 90
days from the time the loan request is processed. The short time it takes for most students to complete
training coupled with the high job placement rate allows the members receiving this loan to be
employed in their new job for up to two months before their first payment is due. This helps to relieve
the pressure of repayment while the student is getting started in their new career.
3. How does the project differ from day-to-day operations? How could it be used throughout the credit
union system?
Many aspects of this program differ from normal day-to-day operations for Bridge Credit Union. The
product itself is unique to the credit union space, as very few lenders of any kind offer financing
specifically for CDL training and certification. Providing a 90-day payment deferral is also not a feature
that Bridge typically offers on unsecured loan products. Because the job placement rate is nearly 100%
for Roadmaster students, the loan underwriting uses future income potential as opposed to current
income. This allows students to finance their loan based on the salary that they’ll earn after their
training is completed.
The program itself addresses a real-world need within Bridge Credit Union’s field of membership. The
effort of Bridge to create this type of relationship to develop business could have a positive impact on
the growth for other industry-based credit unions if replicated throughout the credit union system.
4. Explain how members were educated about the project/process and how it showed true credit
union philosophy.
The most direct form of education to members about this program has come through their financing
consultations at Roadmaster. Traditional marketing methods, such as the use of inserts in new member
packets, have been used to share product information. Extensive work has also been done to spread the
word about this program through the transportation community. With a focus on job creation, the
Columbus Chamber of Commerce has been trumpeting this program as a viable solution to help combat
the growing truck driver shortage, providing their marketing resources to create press for the program.
In addition, Bridge has begun working with the Central Ohio Workforce Investment Corporation (COWIC)
on their newest initiative, “Roads2Work”. Roads2Work is a program developed to provide training to
dozens of unemployed Central Ohio residents who are seeking to become commercial drivers. In
addition to technical training, the program addresses enhancements to essential skills needed to obtain
and maintain employment. These skills are taught through two weeks of classroom instruction prior to
beginning actual driving training. During those first two weeks, Bridge is able to provide financial
education training to Roads2Work participants. Topics covered include basic financial education
information including how to balance a check book, budgeting, and understanding credit scores, as well
as industry-specific topics such as average rates of pay and how to read a truck driver’s paystub. While
Roads2Work students obtain formal driving instruction from Roadmaster, this forum has allowed Bridge
to make participants aware of the CDL Loan in the two weeks of classroom instruction prior to their
enrollment at Roadmaster. As the program gains more recognition within the community, it also raises
awareness about Bridge’s CDL Loan amongst companies within the transportation industry.
On its own, the target audience for this product is a unique reflection of “Serving the Underserved”, a
cornerstone principle of the credit union philosophy. Many financial institutions view banking
relationships with commercial truck drivers as “undesirable” because of historically high turnover rates,
frequent travel, and the perception of low credit worthiness. Not only is this product marketed
specifically to commercial driving students, it is designed with repayment options that are conducive to
success for those employed within the trucking industry. In addition, the product's development being
focused around filling a need for Bridge members and the industry that the credit union serves displays
an ongoing commitment to the “People Helping People” philosophy.
5. How is this project going to be used to serve the credit union’s members on a consistent basis?
This product will be available on an ongoing basis. The partnership that Bridge has formed with
Roadmaster continues to develop, with Bridge representatives presenting information to Roadmaster
students weekly about the benefits of being a credit union member. The success of this initiative with
Roadmaster also creates an opportunity to expand the offering of this product to other commercial
driving schools in Ohio.
6. How does the project show your credit union’s commitment to the credit union principles of
democratic structure, service to members, on-going financial education, and social goals?
The CDL Loan program fills a very apparent need within the transportation industry, as it provides an
affordable financing option for driving students. By creating an affordable option to finance the
expenses of becoming a commercial driver, Bridge has been able to facilitate job growth. As we continue
to recover from economic downturn, positive job growth is necessary for our community to make
progress towards social goals.
As explained in question 4, the availability of this program has also opened the door to providing
financial education opportunities to job seekers through the COWIC Roads2Work Program. This twohour course is geared towards providing industry-specific information, such as average rates of pay and
information about reading a truck driver's paystub, to basic financial literacy including guidance on
balancing a checkbook, budgeting, and understanding credit. The opportunity to participate in this
program came as a direct result of the recognition that Bridge's CDL Loan Program has received within
the Central Ohio transportation community.
7. Describe the measurable or defined results the project achieved.
As of February 2014, Bridge Credit Union has approved 52 applicants as part of the CDL Loan Program.
Currently, Bridge has processed applications to finance a total of $312,168 in CDL Loans, with an average
interest rate of 14.67%. Most importantly, Bridge has been directly and jointly responsible for putting
dozens of commercial drivers on the road.
Commercial Truck Drivers
Start your journey on the road to financial peace of mind
What makes us different? Being the only credit union exclusively serving Central
Ohio’s transportation industry makes us aware that your time and money are very
valuable assets.
We offer low cost banking products that are accessible 24 hours a day, 7 days a
week. No matter where you are located, whether you’re in Ohio, or in California,
you’ll have access to your account. These services exist with you in mind:
• Free checking account & overdraft protection available
• Free online banking & bill pay services
• Free promise deposit (deposit checks using online banking)
• Free mobile banking, text banking, & mobile eAlerts
• And, personal and business loan options designed just for you!
How to join? You choose.
In Person:
Come in to the branch in person, the Bridge Team would love to welcome you
with a warm smile.
Online:
Visit our website, bridgecu.org and complete the online membership
application. You will find the application by clicking on the “Become a Member”
link on the home page.
The Next Step...
Complete the forms we provide and return them to the credit union. You can
return them by fax, mail, or email. Don’t forget to include a copy of your photo ID.
Bridge has helped save CDL student drivers thousands of dollars!
[email protected] fax 614.728.8090 toll free 800.434.7300 bridgecu.org
Specialized Loan Products
Commercial Drivers License Loan
In addition to the traditional loans we offer (auto, credit card, mortgages,
and student loans), we offer a unique loan product designed specifically for
Commercial Truck Drivers. The Commercial Drivers License (CDL) Loan was
created and customized with you in mind. Our CDL loan takes the pressure off
your shoulders when paying for your certification. Visit our website for more
information on our lending options or to apply. Loan Benefits:
•
Loan for the cost of classes & licensing
•
Low rate
•
90 days no payments
•
Easy payment options
•
Stress-free & fast application process
ConnectMORE. Rate breaks. Waived fees. Free services.
Visit bridgecu.org/ConnectMORE to see how you can enjoy
banking the way it’s supposed to be — with you calling the shots.
[email protected] fax 614.728.8090 toll free 800.434.7300 bridgecu.org
Roads2Work
Starts:
December, 2013!!!
ROADS2WORK
DRIVERS
WANTED
An OMJ – Columbus- Franklin County Training Program
Roads2Work is a 6-month training program to help 50 job seekers obtain full
time employment in the trucking/transportation industry. Roads2Work has
two tracks: TRACK A serves drivers who already have their CDL-A/B and
will be offered as a “refresher course” or an On-the-Job Training (OJT)
opportunity to address time-gaps in driving and length of experience. TRACK
B serves new drivers delivering training to meet the demand of local and over
the road companies. Beyond the technical and job search training,
Roads2Work will address the enhancement of essential skills needed to
obtain and maintain employment. From a positive workplace attitude and
strong work ethic to financial literacy and conflict resolution, Roads2Work
will help participants navigate the road to a new or improved career!
ColumbusFranklin County
Open to participants
from: Franklin,
Delaware, Fairfield,
Licking, Madison,
Pickaway, and
Union Counties
Job Preparation
CDL Classroom
Training
On-the-Job Training
COWIC/OhioMeansJobsColumbus-Franklin Co.
1111 E. Broad Street
Columbus, OH 43205
614-559-5052
www.cowic.org
For more info, contact:
Wato Yattani
[email protected]
614-559-5150
-ORJose Feliciano
[email protected]
The Central Ohio Workforce Investment Corporation (COWIC) is funded in part or whole by Title I of the Workforce Investment Act, the Ohio Department of Job and Family Services, the Franklin
County Board of Commissioners, and the City of Columbus. These funds support the operation of the OhioMeansJobs Center for Columbus and Franklin County. COWIC is an equal opportunity
employer/provider. Auxiliary aids and services are available upon request to individuals with disabilities.
COWIC/

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