2020 Using Our Voice - Lake Trust Credit Union

Standing up for Michigan families.

In early 2020, we continued our efforts to oppose the expansion of payday lending services in Michigan, as proposed in House Bill 5097. Payday loans are often short-term, high-cost lending options that give individuals quick access to funds for bills, groceries, emergencies, or other everyday living expenses. However, the result of entering into a payday loan contract can be detrimental to an individual’s finances. Some payday loans have rates as high as 132% APR and include $2,500 in fees. The high fees and inflated interest rates make it nearly impossible to pay off these loans. Consumers are often forced to take out other loans or roll over their balance into a new loan, essentially trapping them in a cycle of debt.

In opposition of HB 5097, we joined the Coalition for Responsible Lending. Then, David Snodgrass, our President/CEO, wrote an opinion piece that was published in the Detroit News and the Lansing State Journal to raise awareness of this issue. David’s published piece led to other opinions being published from leaders, such as Attorney General Dana Nessel, and led to more conversations about the opposition. Working with over 100 other organizations across the state, who are also part of the Michigan Coalition for Responsible Lending, our work contributed to the successful prevention of HB 5097 bill from moving through the Michigan Senate during the December lame-duck session.

Though our work in this area will continue in 2021, our efforts to this point have protected many Michigan families from becoming trapped in loans that cannot feasibly be paid back.

Read more about this story on:
Detroit News¹

“CEDAM is thankful for partners like Lake Trust Credit Union for all of their work in stopping HB 5097 and working to ensure that every Michigander has access to fair lending options. From direct advocacy with lawmakers, mobilizing the Lake Trust network and David Snodgrass' Detroit News op-ed, every action had an impact on defeating the expansion of payday lending in Michigan.”

— Jessica AcMoody, Policy Director, CEDAM

Read more about this story on:
Detroit News¹

— Jessica AcMoody, Policy Director, CEDAM

Our sponsorship contributes to the largest and longest-running annual Martin Luther King Jr. Day of Celebration in the country.

Read more about this story on:
Corp! Magazine¹

Advocating for change.

Last year, we took several steps to advocate for diversity, equity, and inclusion in Michigan communities. We became a corporate partner with the Michigan Diversity Council and sponsored a virtual webinar session focused on community health. A Lake Trust team member served as a panelist for the discussion, which was so popular that a second session was added.

For the second year in a row, we also served as a Diversity Partner for the Dr. Martin Luther King Jr. Commission of Mid-Michigan. As part of this partnership, we supported the 35th Annual MLK Day of Celebration. The Commission's commitment to inspiring community engagement aligns with our values as we advocate for building more vibrant neighborhoods. We do this by focusing on initiatives that aid in health, wellbeing, and education efforts.

In the summer of 2020, our team members, like many individuals, expressed an array of emotions after the deaths of George Floyd, Breonna Taylor, and Ahmaud Aubery. To facilitate discussions, we hosted sessions focused on “Conversations for a Better Future,” giving our team a safe space to share their thoughts, feelings, and concerns. Nearly half of our team attended the virtual sessions and later reported that the discussions increased their sense of community.

We grow as individuals when we take the time to listen and learn from one another. Together, we can create change in the world through our thoughts and actions. That’s the power in all of us.

Read more about this story on:
Corp! Magazine¹

Advocating for healthy, affordable food.

In addition to our volunteer efforts and Meals For Michigan, our virtual food drive, we supported access to healthy food options through our advocacy efforts. It’s estimated that more than 1.8 million Michigan residents live in communities with limited access to healthy, nutritious food.² And the COVID-19 pandemic has significantly added to the issue of food insecurity – or the ability to adequately feed everyone in a household.

To support struggling families in Michigan, our Advocacy Team joined several local and national organizations focused on supporting access to food. These partnerships gave us a platform to urge policymakers to boost SNAP benefits and make investments in other critical nutrition programs during the pandemic. We were also invited to join the Michigan Local Food Policy Network, where we worked with groups representing all 83 Michigan counties to discuss advocacy efforts for good food policies.

Capital Impact Partners invited us to be a lender for the Michigan Good Food Fund. This group of several organizations works together to provide financing and business support to healthy food enterprises. They do this by increasing access to healthy, affordable food, promoting racial and social equality, creating jobs, supporting environmental stewardship, and encouraging locally produced foods. This partnership was a perfect match because it aligns with our work supporting local businesses and our focus on eliminating hunger.

Our connections to this group grew when our Government Affairs Team was invited to speak at the Michigan Good Food Summit in October 2020. Over 350 people attended this virtual event to learn more about good food policies and how to expand access to healthy options. We’re excited to continue working with this group in 2021 by sponsoring an upcoming business pitch competition focused on bringing healthy food to local communities.

As of December 31, 2020, $54.3 million of our assets were concentrated on community impact lending, investing, and deposit products. Impact in this area has almost doubled from December 2018.

As of December 31, 2020, $54.3 million of our assets were concentrated on community impact lending, investing, and deposit products. Impact in this area has almost doubled from December 2018.

Read more about this project from:
Phire Group¹

Our new 'power' tagline is also a nod to our history serving the Detroit Edison, or DTE, workforce.

Telling our story.

Our 10th anniversary in 2020 marked a new beginning for our organization. We’ve grown so much over the past decade and we felt that it was time to reflect upon our brand image and story to make sure it matched our evolved sense of purpose. To do this, we partnered with Phire Group¹, a branding and research agency based in Ann Arbor, to conduct surveys, host focus groups, and gather feedback about how our members, team, community, and partners perceive Lake Trust.

As a result of this research, we launched our evolved creative expression (which includes an updated logo) in the fall of 2020. Our new look holds an inspiring and uplifting tone, with an emphasis on authentic storytelling. We took this opportunity to update our brand promise as well, to express our renewed commitment to our work: We promise to lift one another, to empower wellbeing, and to multiply positive impact.

The power in all of us. This is our new tagline, which is also a reflection of our brand promise and a reminder of the effect we can have individually and as a team when we work together. Because we’re all at a different point in our journey. And we can help each other learn, grow, and create good in the world.