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VSECU is first credit union to earn values-based banking designation

first_imgVermont Business Magazine VSECU, a credit union based in Montpelier, today announced it has been accepted as a member of the Global Alliance for Banking on Values (GABV), an independent network of values-based banks, banking cooperatives, credit unions, microfinance institutions, and community development banks from across the world. 
VSECU is the first credit union in the US to earn membership in the global organization, joining 35 other financial institutions in a joint commitment to use finance to promote sustainable social, environmental, and economic development. GABV members work together to ensure that banking is a healthy and productive system of society and to develop a positive, viable alternative to the current banking system. 
“We are excited to welcome VSECU, as we grow our network of like-minded, values-based financial institutions,” said Dr Marcos Eguiguren, Executive Director of GABV. “Our members are proven to be independent and profitable organizations that deliver long-term benefits for people and the environment. They play a crucial role in the transition to a more sustainable global economy and advance positive change in the banking sector.”Rob Miller, CEO of VSECU“By focusing on values and impact, we are excited to be part of a larger movement of values-based financial institutions that endeavor to reach above and beyond industry norms, helping to build a framework for financial prosperity that makes a meaningful impact on our employees, our members, and our Vermont communities,” said Rob Miller, CEO of VSECU. “This important membership enables us to tap into resources that help us learn, discover and participate with top minds in our financial eco-system.”To earn membership in GABV, financial institutions must have a values-driven agenda at the core of their mission and adhere to the organization’s Principles of Sustainable Banking(link is external). Those principles include a triple bottom line (people, planet, prosperity) approach; grounding in communities and serving the real economy; transparency; long term resiliency; focus on and deep knowledge of clients; and a values-based organizational culture. VSECU’s innovative initiatives such as Co-op Capital(link is external), which invests in cooperative organizations, unique products such as its VGreen Energy Savings Loans(link is external), and collaborative partnerships(link is external) with organizations like equity crowdfunding platform Milk Money(link is external) and co-working space The Lighting Jar(link is external) contributed to its selection as a GABV member. Under its vision to inspire a movement that brings people together to empower possibilities for greater financial, environmental, and social prosperity, the entire organization is empowered to think about impact over activity to maximize the positive effect on members’ lives and Vermont communities.“By joining this global values-based banking movement, we have greater resources to leverage as we work to increase our local impact in a sustainable way,” added Miller. “This relationship will help guide our efforts to put finance to work for meaningful social impact for our members, employees, and all Vermonters, and help us demonstrate the value of a model that puts people before profit and invests in the financial well-being of our members and communities.”Source: MONTPELIER, VT, DECEMBER 6, 2016 — VSECU. VSECU is a member-owned cooperative and not for profit credit union for everybody who lives and works in Vermont, offering a full range of affordable financial products and services to its member-owners. VSECU is committed to improving the lives of Vermonters by empowering the possibilities for greater social, environmental, and financial prosperity. For more information about VSECU, call 802/800 371-5162 or visit www.vsecu.com(link is external).last_img read more

Court Decision on Elbe Deepening in February

first_imgThe long-awaited court decision on the Elbe deepening project will be announced on February 9th 2017, reports the Port of Hamburg.According to the port, the adjustment of the navigation channel on the Lower and Outer Elbe is the most important strategic expansion project for the Port of Hamburg.In view of the rapidly growing ships, Hamburg is dependent on adapting its seaward access to this technical development in the long term. This is the only way to ensure that Hamburg can be called at economically viable conditions and that its port remains competitive, the port said in today’s release.During the oral proceedings of the last three days, the Federal Administrative Court in Leipzig intensively discussed legal and technical questions related to the adjustment of the navigation channel for containerships with a depth of 14.5 meters.The Free and Hanseatic City of Hamburg and the federal government were able to present their arguments and to prove the results which were obtained in sound investigations.Frank Horch, Senator for Economy, Transport and Innovation of the City of Hamburg, said: “We are confidently looking forward to the pronouncement of the decision which is announced for the 9th February 2017.”The legal questions that were discussed partially touched new legal ground. The forthcoming decision of the court on the “Elbe deepening” will show for the first time how the legal framework on water resources management and water protection has to be applied Germany-wide.The Hamburg Port Authority said that it is prepared to start the dredging measures immediately in the event of a positive judgment.last_img read more