Smarter Savings Association: A New Path to Field of Membership Growth

Financial literacy is failing in America. More than a third of adults cannot cover a $400 emergency from savings, and only 25% can answer three basic questions about interest, inflation, and risk. The Smarter Savings Association was designed to bridge this gap while creating a compliant pathway for credit unions to expand field of membership through open association.

What Is the Smarter Savings Association?

Smarter Savings operates as a membership association focused on financial education. The organization delivers workshops, resources, and programming designed to meet people where they are, from third graders learning to budget to adults building emergency funds.

What makes Smarter Savings particularly relevant for credit unions is its structure as an open association eligible for field of membership additions. Through a formal transfer agreement with the original Smarter Savings entity in New York, the association already has regulatory precedent with NCUA.

How Credit Unions Can Partner

Credit unions can engage with The Smarter Savings Association at multiple levels, but the most strategic option for growth is the Premier Organizational Membership.

Premier members pay annual dues based on asset size and gain three key benefits:

Featured partner status with Smarter Savings

Voting membership through an authorized representative

Authority to act as enrollment agents, helping individuals join Smarter Savings and then become credit union members

This structure creates a compliant pathway for credit unions to expand their field of membership. When individuals join Smarter Savings through a credit union enrollment agent, they become eligible for membership at that credit union, subject to charter type and NCUA policies.

The Compliance Framework

Smarter Savings Association has documented its compliance with NCUA's totality of circumstances test for associational field of membership. The bylaws are intentionally streamlined compared to many other open associations.

Unlike some partner organizations, Smarter Savings does not impose age restrictions or citizenship requirements. This means credit unions can serve youth accounts and ITIN lending applicants through the association, a flexibility that matters for institutions focused on underserved populations.

Adding Smarter Savings to a credit union's field of membership requires standard documentation: a letter from the association, current bylaws, and regulatory approval from NCUA.

Administrative Process

Member data transfer will happen manually through a secure portal initially. Smarter Savings collects minimal personal information, first name, last name, and email, shared at least quarterly with partner credit unions. The organization is exploring automated solutions, including API integration, but those enhancements are not yet available.

One point of differentiation: the association is committed to flexibility. Credit unions have different cultures and approaches to member engagement. Smarter Savings is willing to adapt its processes to meet credit union needs, whether that means adjusting communication protocols or exploring state-based chapters if regulatory needs require it.

Strategic Value for Growth

Credit unions exploring Smarter Savings as a growth strategy should understand what it offers beyond basic field of membership expansion.

First, it creates a mission-aligned pathway to reach financially underserved populations. Credit unions that prioritize financial inclusion can use Smarter Savings to connect with individuals who need education and support.

Second, the association's minimal membership requirements make it accessible to a broader range of potential members compared to associations with age, geography, or citizenship restrictions.

Third, the partnership model is designed for long-term collaboration. Smarter Savings is open to feedback, willing to invest in enhancements that benefit credit unions, and focused on building relationships that work for all parties.

Is This Right for Your Credit Union?

Smarter Savings makes sense for credit unions that:

Prioritize financial education and community engagement

Need field of membership expansion options beyond traditional geographic or employer groups

Want to serve younger members or immigrant populations without citizenship barriers

Operate with a mission focus on financial inclusion and underserved communities

Field of membership rules are dense, and growth strategies are rarely simple. Partnerships like Smarter Savings Association offer a tool that aligns mission with opportunity, but a perfect fit for credit unions of all shapes and sizes.

If you're interested in partnering with the Smarter Savings Association, you can schedule a meeting with Ben Hering here.