Question 1

What is Embold Credit Union?

Accepted Answer

Embold Credit Union is a community-focused federal credit union headquartered in Oregon City, Oregon. With approximately 36,700 members and $598 million in total assets, Embold serves communities throughout the northern Willamette Valley and surrounding counties. The credit union operates seven branch locations and maintains a strong commitment to financial inclusion, offering innovative services like ITIN lending and Payday Alternative Loans. Formerly known as Clackamas Federal Credit Union, the institution rebranded to Embold Credit Union in 2023 to reflect its expanded service area and mission.

Question 2

When was Embold Credit Union founded?

Accepted Answer

Embold Credit Union was founded in 1957 as CLACKCO Federal Credit Union. Originally, the credit union served county, municipal, state, and federal employees who worked in Clackamas County, Oregon. In 1984, CLACKCO merged with Milwaukie Community Credit Union and became Clackamas Federal Credit Union. The name "Embold" was adopted in 2023 to demonstrate the credit union's commitment to its expanded service area and to reflect its mission of empowering members to "Boldly Grow." Throughout its history, the credit union has maintained its cooperative structure while evolving to meet changing community needs.

Question 3

Where is Embold Credit Union headquartered?

Accepted Answer

Embold Credit Union is headquartered in Oregon City, Oregon. The main office is located at PO Box 2020, Oregon City, OR 97045. This location serves as the central hub for the credit union's operations across its seven-branch network.

Question 4

Where does Embold Credit Union operate?

Accepted Answer

Embold Credit Union operates throughout six counties in Oregon's Willamette Valley region. The credit union serves anyone who lives, works, worships, or attends school in Clackamas, Marion, Multnomah, Polk, Washington, and Yamhill counties. This expanded service area was granted by the National Credit Union Administration (NCUA) in 2021 after the credit union demonstrated an unmet need in these communities. Embold maintains seven branch locations throughout Clackamas County and offers a unique Mobile Branch unit that brings full-service credit union capabilities directly to communities.

Question 5

What services does Embold Credit Union offer?

Accepted Answer

Embold Credit Union provides comprehensive financial services including share accounts (savings), checking accounts, various loan products, and investment services. The credit union offers traditional lending products alongside innovative solutions like ITIN lending services for community members without Social Security numbers, Payday Alternative Loans as affordable alternatives to predatory lending, and specialized financial planning for families with special needs children. Digital services include mobile banking, online banking, mobile check deposit, and person-to-person payment capabilities. Members also have access to approximately 30,000 CO-OP Network ATM locations nationwide.

Question 6

What makes Embold Credit Union unique?

Accepted Answer

Embold Credit Union distinguishes itself through its exceptional commitment to financial inclusion and community impact. The credit union offers ITIN lending services, making financial services accessible to immigrants and community members without traditional documentation. Their Payday Alternative Loan program provides affordable small-dollar loans as an alternative to predatory payday lending. Embold also offers specialized financial planning specifically designed for families with special needs children, addressing a unique and often underserved need. The credit union operates a Mobile Branch that brings banking services directly to communities, demonstrating innovative outreach. Embold's structure as a member-owned cooperative means it prioritizes member benefits over profits, with a volunteer Board of Directors elected from the membership.

Question 7

What type of financial institution is Embold Credit Union?

Accepted Answer

Embold Credit Union is a federally chartered credit union (FCU) regulated by the National Credit Union Administration (NCUA). As a member-owned, not-for-profit financial cooperative, the credit union operates under a community charter structure. Membership is open to anyone who lives, works, worships, or attends school in Clackamas, Marion, Multnomah, Polk, Washington, and Yamhill counties in Oregon. The credit union maintains a strong capital position with a net worth ratio of 9.82%, ensuring financial stability. Members have equal ownership rights and democratically elect the Board of Directors, embodying the cooperative principles of democratic member control and member economic participation.

Question 8

How does Embold Credit Union support the local community?

Accepted Answer

Embold Credit Union demonstrates deep community commitment through volunteerism, investment, and fundraising initiatives throughout its service area. The credit union partners with local municipalities on innovative programs like the Entrepreneurial Opportunity Loan Program in Oregon City, which provides "patient capital" loans up to $20,000 to start-up businesses. These loans feature a unique structure with 0.5% interest for the first 12 months and no payments required during that period, helping new businesses establish themselves. Embold also works with Micro Enterprise Services of Oregon (MESO) to provide technical assistance to underserved entrepreneurs, supporting small business development and family wealth building in local communities.

Embold Credit Union

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About Embold Credit Union in the United States