Community First Credit Union Partners with TruStage™ Payment Guard Insurance to Enhance Indirect Auto Lending

Payments
27.09.2024 07:45 am

Committed to safeguarding its members in their times of need, Santa Rosa, Calif.-based Community First Credit Union announced today it has partnered with TruStageTM, a 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 and recently voted “Best Credit Union” by NorthBay biz, 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.

“Community First continues to make unwavering commitments to our community and the members we serve by offering products and services that support our members in their greatest time of need,” said Cary Shumway, Chief Lending Officer of Community First Credit Union. “TruStage Payment Guard allows us to offer our members the coverage they need when life happens.”

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.

“CFCU continues to demonstrate a commitment to serving its members in their time of need. We are excited to partner with them to further support this critical mission,” said Danielle Sesko, Director of Product Management at TruStage. “Our Payment Guard solution not only safeguards members during life’s unforeseen challenges but also help strengthen the credit union’s financial resilience. Together, we are advancing the financial well-being of the members they serve both today and in the future.”