ASI Federal Credit Union (ASI)

$25,000 Awardee – Innovation

ASI Federal Credit Union (ASI), of Harahan, L.A., received the 2007 Innovation Award. ASI is a CDFI that epitomizes a spirit of innovation. Its internal operating environment encourages creativity, learning, and risk-taking. ASI staff continually assess the financial marketplace, ask what products are missing, and seek to create products to fill the gaps. ASI has created several innovative products and programs to support the post-Katrina New Orleans region. Its innovative Stretch Plan and Freedom Loan anti-predatory lending products have been replicated by credit unions and nonprofits nationwide. ASI strives to make lasting contributions in the nationwide fight against predatory lending through product innovation. ASI staff also created the Payday Lender ReBuilder Loan in response to the growing number of members they saw who became trapped by dependency on multiple payday loans.