13 minutes
When an Ohio family faced eviction, Telhio Credit Union stepped in.
Millions of low-income Americans wake up every day worried about losing their homes. The National Alliance to End Homelessness reports that over 7.2 million households across the U.S. are severely burdened by housing costs, meaning they spend 50% or more of their income trying to keep a roof over their heads. Often it takes just one unexpected setback—a major car repair, a job layoff, a catastrophic illness—for these individuals to fall hopelessly behind on rent and face the all-too-real threat of eviction.
Among the housing vulnerable who came close to losing their home were Wesley and Maegan Scherer, an Ohio couple with three children. Both were working, but their income wasn’t sufficient to cover their bills and the high cost of childcare. Two months behind on rent, they were on the verge of being evicted. Fortunately, their situation took a major turn for the better when they discovered Telhio Credit Union, headquartered in their hometown of Columbus.
As a Community Development Financial Institution (CDFI) and a low-income designation (LID) credit union, Telhio is dedicated to helping consumers like the Scherers. The credit union was able to provide the Scherers with a $2,000 personal secured loan that allowed them to pay their back-rent and catch up on other bills. With their housing insecurity behind them, the Scherers worked hard on budgeting to live within their means. Wesley found a better job, and they even began to save for their children’s future.
The Scherers’ inspirational story plays out across 13 episodes of the award-winning financial empowerment series, Opportunity Knocks, which airs on PBS. The Scherers are featured in Season 2, along with five other families experiencing financial distress. The program highlights the role that CDFIs played in helping these families overcome their financial struggles. Telhio’s participation in the program allowed the credit union to demonstrate its commitment to serving the underserved—something it does every day in communities across Ohio.
“Our mission is to be the heart of our community’s financial wellbeing and a trusted partner in growth and prosperity,” said Nick Biratsis, Telhio’s Vice President of Marketing. “We envision a future where every individual family and business in our community has access to banking solutions that empower them to thrive.”
Telhio’s participation in Opportunity Knocks came about through its relationship with CU Strategic Planning, a CDFI consultancy that has obtained over $1 billion in CDFI awards since its launch in 2008 and continues its mission as a Callahan & Associates company. The consultancy was founded by Jamie Strayer, who also is the creator of Opportunity Knocks. After a successful Season 1, the producers began exploring cities for Season 2.
“When Columbus became an option, it made sense for Telhio to participate,” said Biratsis, citing three key benefits. “It presented a unique opportunity for us to share the credit union message with a broader audience through the national reach of PBS. It also was an opportunity to highlight Telhio as a leader in the credit union space and demonstrate our commitment to serving the underserved. And finally, it was a great opportunity to highlight the good work that our teams are doing every single day.”
A Unique Reality Show
Opportunity Knocks is a reality show like no other. It’s not a competition show like The Voice, The Golden Bachelor, or Shark Tank. In fact, the series beat out all three of these higher-profile titles to win “Best Feel-Good Show” at the American Reality Television Awards.
The “feel-good” component comes from the series’ emphasis on improving people’s lives through better financial habits. Families obtain help by using The Opportunity Coach and The Opportunity Finder, online tools that direct them to community resources, such as the not-for-profit credit unions and CDFIs that help them emerge from crippling debt and regain their financial footing.
“The show educates consumers that there are options available beyond traditional banks without having to lean on payday lenders or online solutions,” Biratsis said. “Many consumers don’t know about credit unions, or they don’t realize how credit unions are different from other financial institutions. The show helps educate them that credit unions are a good alternative and highlights the benefits we provide to our members.”
Families participating in Opportunity Knocks learn that as members, they are also owners of the credit union. “You’re part of a financial cooperative, where we pool our resources to provide better rates to our members and a deeper focus on financial wellness while reinvesting back into our local communities,” Biratsis said.
“One thing that most people don't understand is that banking laws require banks to be involved in community reinvestment,” added Telhio’s COO Jessica Bing. “Credit unions are not required to do this. We do it because we want to as part of our mission. It’s why we were formed.”
An All-Too-Common Story
The strength of Opportunity Knocks comes from the realistic depiction of the financial challenges that millions of Americans are facing every day. The Scherers’ story was a particularly appropriate example of that.
“Their story was a realistic look into someone’s financial challenges and the financial challenges faced by many people in our communities who need support,” Bing said. “I appreciated the very real storytelling that was delivered through the Opportunity Knocks platform. It was a pleasure to be a part of it.”
Opportunity Knocks expertly depicts the role that CDFIs play in helping individuals and communities. Telhio is an excellent case in point, offering products and services to better the lives of the nearly 70,000 members it serves through 13 branch offices in central and southwestern Ohio. Like the Scherers, many of the members helped by Telhio have exhausted all other options. They are underwater financially and need a lifeline to emerge from their difficulties.
“Wesley and Maegan’s story is an all-too common one,” Biratsis said. “It’s a family of five struggling with rising costs. They were burdened with high-interest loans, credit card debt, and living paycheck to paycheck. In their case, they were facing eviction. They felt stuck, without answers, and didn’t think they had a way out. Telhio was able to provide an answer—not just in the form of a loan but in the form of a relationship.”
Serving a Greater Purpose
As the show’s creator, Strayer was impressed with the work Telhio did in saving the Scherers from eviction. With three small children, losing their home would have been devastating. “When families are evicted, it results in disconnection from schools and increases toxic stress, even when they move in with relatives,” Strayer said. “This results in disengaged youth, which comes at a great cost to society. One small-dollar loan prevents this. Even if Telhio was not an exemplary CDFI, it exemplifies the purpose of credit unions. How many financial institutions can leverage under $3,000 to ensure children remain housed? That’s what Telhio did, and that’s why we featured it in our series.”
The need for such intervention is ongoing. Strayer observed that there are 1.4 million school-age children that public schools identified as experiencing homelessness during the course of a school year. The White House Council for Community Solutions estimated the societal cost to be over $4.7 trillion from the lost potential of 6.7 million disconnected youth, defined as young people ages 16 to 24 who are not in school or employed. That translates to over $700,000 in in fiscal and social losses for every young person who remains disengaged.
Strayer added that it would be impossible to overestimate the impact that small-dollar loans have in helping families keep their homes. “Here’s Telhio showing exactly the purpose of credit unions. Is there a greater purpose of not-for-profit credit unions than to be there for American families in this way? I don’t think there is, and I think there are more credit unions doing this than we even know.”
Biratsis concurred about the importance of helping families remain financially secure, as illustrated by the Scherers’ story. “This was one family, but every member we serve has their own story. Each person whom we impact contributes to the economy and our community and makes them better.”
Showcasing Empathetic Employees
One of the most important benefits of participating in Opportunity Knocks is that it allowed Telhio to showcase the empathy of its employees. Such empathy was evidence in every interaction with the Scherers. One employee shared with them that he had similar financial setbacks but was able to improve his situation through financial education and better money management.
The compassion of Telhio’s employees greatly resonated with the Scherers. During an on-camera interview, Maegan said, “It makes me feel happy to have a family of financial people that are there for us. I’m excited and hopeful. It feels amazing to be a member of Telhio Credit Union. They are helping so many people. They helped save our house.”
In working with the Scherers, Telhio exhibited its three core values of caring, commitment, and integrity. Biratsis described what those values mean. “From a caring perspective, it was caring for the family and understanding what they were dealing with. Commitment—we were committed to helping them and providing solutions. And integrity—we wanted to do the right thing in their situation. Everybody in our company knows our core values and lives them every day. The show helped bring them visually to life for those watching.”
Bing, meanwhile, appreciated how Opportunity Knocks portrayed the lasting impact that Telhio’s employees have on families. Employees are also available to meet with people wherever they may be. “Not only are we here in our branches, but we’re out in our communities,” she said. “We are front-facing for those who need us. We make sure they understand that while having conversations about finances can be challenging, we’re here to support them.”
Telhio has impact not only on individuals but on businesses as well, as indicative by its status as the #1 SBA-lender credit union in Ohio. Opportunity Knocks showcased Telhio’s business lending strength. At one point, the Scherers met with Telhio’s business banking relationship manager to learn about the lending options that were available to support Wesley with the potential startup of a small business.
“What we did for Meagan and Wesley was an example of the way that our employees serve our members every day,” Biratsis said. “It helped illustrate that we’re able to work collaboratively across teams to provide solutions for our members, whether that be from a personal side or a business side.”
The Role of Coaching
During Opportunity Knocks, the families not only work with a CDFI but are also assigned a financial coach to advise them on budgeting and other financial matters. The Scherers’ coach was Jean Chatzky, CEO of HerMoney.com and former financial editor of NBC’s Today show for 25 years. She also has an ongoing role as AARP’s financial ambassador. As a frequent speaker at national credit union events, Chatzky is well-aligned with Opportunity Knocks’ mission in communicating the value of not-for-profit credit unions and CDFIs.
“Jean really gets credit unions,” said Strayer, noting that Chatzky is also part of Hello, Money, a new CUSO that is transforming financial wellness for credit unions and their members with the participation of the Opportunity Knocks team.
In her interactions with the Scherers, Chatzky understood that they wanted to secure the future of their three children. Opportunity Knocks provided funding to help establish tax-free 529 college savings plans. “When Wes and Meagan learned that the reward for their dedication was going to their kids, they were overjoyed,” Chatzky said. “Like so many parents, they are trying hard to break the cycle of financial difficulty and saw this as a step in the right direction.”
Supporting this effort, Telhio had conversations with the Scherers about the importance of helping their children establish good money habits at an early age. “We focus a lot on youth,” Biratsis said. “We not only want to serve our existing members but also bring up the next generation of savers. We have a youth savings program, and we helped Maegan and Wesley get started with that. One of the things that was most important to them was getting their kids set up for success in the future.”
Promotional Value
Telhio promoted its participation Opportunity Knocks to reinforce the good work it is accomplishing as a CDFI. “We did social media, press releases, and also promoted it in our branches and on our website,” Biratsis said. “We ended up getting a fair amount of media coverage from various news and media outlets, which illustrated the newsworthy content of the program.”
Opportunity Knocks also was a major topic at Telhio’s annual All-Employee Day, during which all 275 employees gather for team-building activities, updates from leadership, prize giveaways, and other motivational content. “Jamie Strayer and the Scherers were guest speakers at the event,” Biratsis reported. “Even though most of our employees had already watched the show, it brought the experience to life because they were able to hear from the family directly about the impact our organization has had on their lives.”
At the event, Wesley shared that he had completed a trade school program to obtain his welding license, which has greatly bolstered the family’s income. “Wesley was so motivated by his experience with Opportunity Knocks that he took the initiative to change his career path,” Biratsis said. “It meant a lot for our staff to hear that firsthand.”
Seeing this impact was meaningful not only for the front-facing staff but also for those who work behind the scenes as well. “It helped reinforce that everything we do, whether we’re in front of members or in the back office, helps change someone’s life,” Bing said. “The impact we have on our members in helping them manage their finances more effectively, it’s why we come to work every day. It reinforces the mission that we live by through our core values of caring, commitment, and integrity.”
A 90-Year History
Telhio has been living its core values since its founding over 90 years ago. “We started in 1934 as the credit union for the Columbus Telephone Co.,” Biratsis said. “Over the years, we expanded our footprint beyond that work group. We service all that live, work, worship or go to school in Ohio.”
Today, Telhio is one of the largest credit unions in Ohio with $1.3 billion in assets. Working in conjunction with CU Strategic Planning, the credit union has obtained nearly $3.2 million in CDFI grants to better the communities it serves. Strayer stressed the instrumental role that Telhio’s Derrick Bailey played in obtaining those grants, starting when he was chief sales officer. In 2023, Bailey was promoted from president to CEO, becoming the first Black CEO of a billion-dollar credit union in Ohio. Under Bailey’s leadership, Telhio continues its important work as a CDFI.
For Telhio, Opportunity Knocks is just as the title suggests—an opportunity to spread the word about the value that not-for-profit credit unions and CDFIs provide to their members and their communities. “Every time we share the credit union story and amplify that message, it helps the collective good,” Biratsis said. “The more we can do, the greater impact we can have.”
Opportunity Knocks is taking its show on the road with a live national tour, including a stop in Telhio’s headquarters city of Columbus, Ohio. Find out more at opportunityknockslive.net.
Based in Missouri, Diane Franklin is a longtime contributor to CU Management
