Committed to safeguarding its members in their times of need, Santa Rosa, Calif.-based Community First Credit Union announced it has partnered with TruStage, financially “strong” insurance, investment and technology provider, to integrate its Payment Guard embedded insurance strategy into the credit union’s indirect auto loan channel.
With the implementation of this innovative strategy, its members could be protected during disruptive life events, “such as involuntary job loss or disability.”
Founded over 60 years ago, CFCU currently serves over 60,000 members across five Northern California counties, “including Sonoma, Napa, Lake, Mendocino and Marin.”
With a high concentration of indirect auto loans throughout its portfolio, CFCU implemented TruStage’s Payment Guard “embedded insurance solution to help provide an additional layer of financial protection against unforeseen life events for its members.”
CFCU hopes the partnership yields “significant economic value, including reduced auto loan delinquencies and a positive impact on its allowance for credit loss.”
Additionally, TruStage’s impact on “the financial health of members could add enhanced value to CFCU’s membership proposition, increasing member engagement and expanding the range of services, while further strengthening these relationships.”
Community First Credit Union (CFCU) is “a not-for-profit financial cooperative founded by local teachers in 1959.”
It now serves more than 60,000 local member-owners “throughout the North Bay of California in Sonoma, Lake, Marin, Mendocino and Napa counties. CFCU is $824 million in assets and has provided over $4 billion in local home and car loans since its inception.”
TruStage is a “financially strong” insurance, investment, and technology provider, built on the philosophy of people helping people.
They believe a brighter financial future “should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life.”
With a culture rooted and focused on creating a more equitable society and financial system, they are deeply “committed to giving back to our communities to improve the lives of those we serve.”
