Published on 08-01-2017
Categories: Letters from Chuck
I hope you’re having an enjoyable summer. I wanted to get this next letter to you a bit ahead of schedule, because it’s more timely than most. We’ve certainly been busy here at Coastal, preparing for our big 50th Anniversary celebration, and engaging in a major website redesign. In the middle of all that, I was detoured by a last-minute trip to Washington, DC.
In late July, I was invited by the National Association of Federally-Insured Credit Unions (NAFCU) to testify on their behalf in front of the full U.S. Senate Committee on Banking, Housing, and Urban Affairs. I was certainly honored to do so, and found it to be an awesome experience. If you have five minutes, you can watch my opening testimony online.
The hearing addressed housing finance reform ideas, particularly as they relate to community-based lenders like Coastal, and access to government sponsored enterprises (GSEs) as a secondary market.
I was invited because Coastal is a leading mortgage lender both here in central North Carolina, and among credit unions nationwide, and we rely on GSEs like Fannie Mae and the Federal Home Loan Bank of Atlanta. I went on the record in support of access to affordable credit for homebuyers as being essential to middle class financial well-being; affirmed that GSEs play a critical role in helping make those loans possible; and urged the committee to ensure that any reform maintains equal access to the secondary market for community lenders like Coastal.
I’m not yet sure if any legislation will come out of the committee, but I’ll be sure to let you know if it does and how it might affect members like you.
We’re in the home stretch! On August 31, we will be celebrating 50 years of serving our members. We know we could not have reached this milestone without you. As part of the celebration, we’re releasing a series of 50 stories that demonstrate how we’ve shared with members and the community throughout our history.
Additionally, we’ve planned several special events to show you our appreciation:
For more information on our 50th Anniversary events and giveaways, please visit our special landing page on Bankbetter.org.
One last topic that we’ve kept fairly quiet until now is the fact that Coastal is getting a brand new website. We’ve been hard at work over the past several months to bring you a completely redesigned site. I’ve seen the preliminary designs, and I think you’ll be very pleased.
We recognize that members come to our website for a lot more than to open a new product or service. So, we’re putting a lot more focus on member empowerment and building financial confidence. The new site will feature more financial resources, including solution finders, life stage financial education modules, custom calculators, and more.
The new website will go live early this fall, and we’ll begin to talk more about it as we get closer to a firm launch date.
Lastly, we are getting ready to break ground on our newest branch. Construction on the Holly Springs location will begin later this fall and the branch will open in 2018. It will be located at corner of Village Walk Drive and Ralph Stevens Rd. I’m sure this will make a lot of members happy, considering Holly Springs has been one of our most frequently-requested locations.
That’s all for now. I’m looking forward to seeing you and celebrating with you soon!
President & CEO