As credit unions navigate economic headwinds and evolving member needs, many are turning inward to reaffirm their missions and invest in their people. In Washington state, Canopy Credit Union ($236.3M, Spokane, WA) has invested in its front-line staff via certified financial coach training.
According to CEO Charlotte Nemec, the move isn’t just a member perk — it’s a cultural cornerstone that empowers employees and reinforces the institution’s commitment to community wellbeing.
“We’re not just doing this to check a box,” she says. “This is how we do good and do well at the same time.”
Certified To Serve
Formerly Spokane Federal Credit Union, the cooperative rebranded in 2019 with a name that symbolizes protection and financial guidance, much like a forest canopy provides and protects in nature. That’s the same year Nemec took the helm and led the institution through a transformation that included earning CDFI status.
As a part of the credit union’s new identity, the credit union took inspiration from Guadalupe Credit Union ($306.6M, Sante Fe, NM) a fellow CDFI, and certified front-line staff as financial coaches.
CU QUICK FACTS
CANOPY CREDIT UNION
HQ: SPOKANE, WA
ASSETS: $236.4M
MEMBERS: 13,340
BRANCHES: 4
EMPLOYEES: 56
NET WORTH: 8.5%
ROA: 0.38%
Today, Canopy Credit Union teaches financial education in eight languages and frequently partners with local nonprofits to coach their clients. Plus, Nemec has lobbied state lawmakers to make financial literacy a high school graduation requirement. Open to members and non-members alike, the goal is to build resilience across the entire community.
“We’ve doubled down on the belief that when people understand how to manage their money, our community is stronger,” Nemec says.
The credit union requires any staff member who opens loans or new accounts to become certified and encourages tellers and contact center staff members to do the same. Ultimately, it would like to certify every front-line staff member. To date, 17 of Canopy’s 57 employees have earned certification through CUNA’s CCUFC program, a 13 to 15-week online course that emphasizes empathy and walking alongside members without judging them.
Like any major change, especially one that involves forthright financial discussion, buy-in took time.
“Some employees were all in, others were hesitant,” Nemec says. “One common concern was ‘Who am I to coach others when I struggle myself?’ So, we started there, helping staff get their own finances in order.”
By 2022, Canopy began tracking coaching sessions as an organizational goal, and today it ties certification to a career ladder for member advocates, with pay raises for progression.
Not “No” Just “Not Yet”
According to Nemec, Canopy informally integrates coaching into daily member interactions in various ways. It also offers formal, private coaching sessions for deeper, tracked one-on-one service. Both methods consistently re-frame financial setbacks as temporary.
“’No’ doesn’t mean ‘never’,” the CEO says. “We train our staff to say, ‘not yet’ and then assist members. Financial literacy is not something you absorb by osmosis. It’s something someone has to teach you.”
The credit union measures member progress using Inclusiv’s Pathways platform and has found members who attend at least two sessions per year improve credit scores by an average of 62 points.
Hard data is important, but the impact of this strategy becomes real when expressed through the anecdotal stories passed along by front-line staff.
“One that stands out is a man who rode a Lime scooter to work every day because he couldn’t qualify for a car loan,” Nemec says. “After three months of biweekly coaching, he built savings, improved his credit, and got a car before winter hit. He’s now saving for a home and just received a promotion at work. He still attends coaching sessions.”
Mission Versus Margin
As consumer confidence struggles to rebound from a changing trade and geopolitical climate, Nemec says Canopy has observed a growing demand for help with essentials such as groceries and medical care.
The credit union is responding by ramping up how it communicates the value of its financial coaching across all channels.
“We’re emphasizing these services even more, both with our nonprofit partners and directly through our staff,” Nemec says. “Our front line and underwriting teams are being extra diligent. We’re also communicating it outwardly to members and the broader community.”
Although Canopy’s investment in employee certifications is not a driver of immediate revenue, its leadership understands the long-term impact of financial coaching extends beyond the bottom line. Indeed, the ripple effects — on member credit scores, employee confidence, and local partnerships — are already taking shape.
In an industry increasingly focused on relevance, Canopy offers a clear example of how doing right by people can also be a roadmap for doing well over time.
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