Firefly Employee Finalist in CUES® Next Top Credit Union Exec Challenge
Minnesota Credit Union Network The Pulse
Firefly Credit Union’s - BURNSVILLE, Minn. (August 29, 2017) - Firefly Credit Union’s Financial Education Specialist, Geoff Bullock, has advanced to the Top 5 in CUES (Credit Union Executive Society) 2017 Next Top Credit Union Exec challenge, powered by Currency and in partnership with DDJ Myers Ltd
CUES Next Top Credit Union Exec applicants are age 35 or under and employed by a credit union. They also created a short video outlining the details of an innovative project they’re working on at their credit union. The online public voted for their favorite, and along with a judging panel, narrowed the field to the Top 15. From there, a second judging panel selected five finalists.
Bullock’s submission is for a “Bridging the Gap” adoption loan - a loan model to assist potential adoptive families that is replicable for credit unions in every community.
“Today a staggering 107,918 foster children are awaiting adoption in the U.S. alone, with more than 20,000 aging out of foster care without being placed in a permanent home,” said Bullock. “The problem is drastic and according to local adoption agencies, the biggest reason is a lack of funds to cover the costs of the adoption process.”
Potential adoptive families are well-vetted borrowers often with substantial incomes. While they make enough to live comfortably, they often do not have an additional $40,000 to offer up front. It is likely that families looking to adopt will take out a Home Equity Loan or another product to prepare for the adoption.
Research suggests the “Bridging the Gap” model loan would be a win for all involved: credit unions would increase their membership base with responsible borrowers; potential adoptive families would get funds to cover their home study, legal, travel and placement fees; and orphaned children looking for a home can find their forever family.
As Bullock’s advancement in the competition, he will also attend the CUES’ NetworkTMconference in Las Vegas this October to make a final presentation for his “Bridging the Gap” project.
Updates on the Finalists’ progress will be featured at www.NextTopCreditUnionExec.com - including video of their final presentation at CUES Network in October.
The public may vote for their favorite candidate, with the public vote forming part of the overall final score in the challenge. To vote for Geoff Bullock, go to www.NextTopCreditUnionExec.com between 5 p.m. and 11 p.m. Eastern time on October 11, 2017.