 Melissa Ashley Corporate One Federal Credit Union, a trusted investment, funding, and payment solutions partner serving America’s credit unions, announced it concluded the year by returning $15.5 million to members in 2024.
This figure encompasses the distribution of Corporate One’s highest-ever PCC dividend to all perpetual contributed capital (PCC) owners and the second special fee rebate for members currently using two or more of our payment solutions. “Returning a record $15.5 million to our members underscores Corporate One’s commitment to helping credit unions succeed financially while delivering real value to their operations,” said President and CEO Melissa Ashley. "These distributions demonstrate the strength of our partnership with our members and our shared dedication to helping credit unions thrive in a competitive landscape." Corporate One distributed four quarterly dividends to PCC owners, totaling over $13.7 million in 2024. The fourth quarter 2024 dividend rate was 5.65%, resulting in a total annualized dividend rate of 6.05%. In addition to the PCC dividends, credit union members currently using two or more of our payment services received a special fee rebate. The PCC dividends throughout the year and special fee rebate returned approximately $15.5 million to members in 2024.
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 Ascend Federal Credit Union, the largest credit union in Middle Tennessee, announced today that it has donated $48,848 to Second Harvest Food Bank of Middle Tennessee to help individuals and families have access to food this holiday season and provide targeted food distribution efforts in communities of need. The donation includes a $20,500 donation to sponsor 12 Second Harvest mobile markets, $25,000 for the nonprofit’s holiday campaign, and $3,348 donated by credit union employees and members.
Second Harvest’s Mobile Markets are a new initiative designed to go directly into communities most impacted by food insecurity and eliminate transportation barriers. The one-day food distributions provide people with quality food items including produce, dairy, and pantry staples. These markets provide alternative locations to the organization’s regular brick-and-mortar food bank centers throughout the year to help efficiently distribute the approximately 41.2 million meals provided by Second Harvest last year to neighbors in need across Middle and West Tennessee. The markets sponsored by Ascend included six in Davidson County and six in rural communities. "Giving back to the communities we serve is at the heart of our mission,” said Ascend President and CEO Matt Jernigan. “Far too many Middle Tennesseans worry about how and when they will have their next meal. Ascend is proud to partner with the dedicated team at Second Harvest Food Bank, ensuring that all Middle Tennesseans have access to the food they need.” In addition to a $25,000 donation to Second Harvest’s holiday campaign, which aims to raise awareness about food insecurity during the holidays, Ascend also encouraged employees and members to donate to Second Harvest via an online microsite. In November, Ascend corporate offices and branches served as donation locations for non-perishable food items. Credit union employees and members collected 16,293 items and raised $3,348 for Middle Tennessee neighbors in need. Ascend, its employees, and its members have been participating in food drives and raising money for Second Harvest for over a decade. During the past five years, they have donated more than 78,000 meals and raised more than $300,000. "Ascend's continued support during the holidays is vital for families facing food insecurity in Middle and West Tennessee," said Nancy Keil, Second Harvest president and CEO. "With rising costs making it harder to put food on the table, their generous contribution will help us provide nourishing meals to thousands who need it most this season.”  TruWest Credit Union is excited to announce the launch of its newly reimagined website on Dec. 30. Developed in partnership with LT, an award-winning marketing and technology agency, the redesigned platform delivers an elevated digital experience tailored to meet the evolving needs of TruWest members.
The new website showcases a sleek, modern design with dynamic imagery that reflects TruWest’s dedication to creating an engaging and member-focused online experience. Built with usability at the forefront, the platform offers quick and seamless access to essential information and features, including accounts, credit cards, loans and other critical financial services. Additionally, the website introduces a robust financial education hub, offering a wealth of resources, tools and insights to empower members to make confident, informed financial decisions. “Our new website represents a significant step forward in enhancing the digital experience for our members,” said Jennifer Kimmell, vice president and chief experience officer of TruWest Credit Union. “By collaborating with LT, we were able to create a platform that not only simplifies navigation but also provides meaningful resources designed to help our members achieve financial success. This effort underscores our commitment to continuous innovation and exceptional service.” The redesign process included thoughtful member research and strategic collaboration with LT to ensure the site reflects the needs of TruWest’s diverse audience. Members will benefit from an intuitive main menu that prioritizes ease of use while maintaining a vibrant and engaging interface. The updated platform embodies TruWest’s forward-thinking approach, designed to serve as both a practical tool and an inspiring hub for financial growth. “We put the user experience at the forefront of any web design,” shared Andy Parnell, president of LT. “With TruWest’s focus on ‘people helping people,’ our goal was to ensure the user experience felt personal and member-focused whether you were checking your credit card balance, financing your dream home or starting your child’s first savings account.” This transformation reinforces TruWest’s mission to deliver member-focused solutions and innovative experiences. Members and visitors can explore the new website after launching on Dec. 30 at truwest.org.  The Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick from TruStage™.
Highlights from November 2024:
Click here for the entire report. The U.S. Congress today passed the Social Security Fairness Act (H.R. 82), landmark legislation that repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) laws. These punitive and discriminatory laws have robbed millions of dedicated public service workers—including educators, firefighters, police officers, postal workers, and others—of their hard-earned Social Security and other retirement benefits. The bill now awaits the expected signature of President Biden to enact it into law.
This historic moment has been four decades in the making, with the National Education Association at the forefront of advocating for repealing these unjust regulations. “This is about fairness. These unjust Social Security penalties have robbed public service workers of their hard-earned benefits for far too long. They have hurt educators and their families—and damaged the education profession, making it harder to attract and retain educators. And that means students are impacted, too,” said NEA President Becky Pringle. “This historic victory will improve the lives of educators, first responders, postal workers and others who dedicate their lives to public service in their communities. NEA members fought endlessly for the repeal of these discriminative and punitive laws. And today, finally, Congress heard us!” More than 2.7 million hardworking Americans are currently affected by the WEP and GPO regulations, which slash Social Security, pension and other retirement benefits. Millions more have been penalized since the laws were enacted nearly 40 years ago. Martha Karlovetz estimates that these discriminatory laws have cost her more than a hundred thousand dollars since 1995, when she retired from teaching at the Parkway School District outside St. Louis, Missouri. And if her husband had passed away before her, the laws would have meant that Karlovetz would have received only $14 per month in survivor benefits, even though her husband paid Social Security taxes throughout his 40-year career at McDonnell-Douglas/Boeing. “The repeal of GPO and WEP is truly a historic win for all public employees and their families,” said Karlovetz. “These unfair provisions have taken a great toll. I have lost well over $110,000 in benefits earned in the 15 years I worked and paid into Social Security before becoming a teacher in Missouri, a GPO-WEP state. Now that we have helped achieve this victory, educators like me can breathe easier. For some, this is truly life-changing.” Repealing these unjust laws has been a decades-long priority for NEA and was made possible by the tireless advocacy of educators and other public service workers. NEA members made nearly half a million calls and sent emails to members of Congress and their staff, demanding they repeal these laws. NEA members lobbied lawmakers on the Hill and in constituent offices, sharing their personal stories of how these laws have unjustly penalized them and their families. NEA held press conferences and rallies and brought union members to Washington to urge Congress to pass the Social Security Fairness Act. “Public service workers have been waiting 40 years for this wrong to be righted, and we are grateful that members of Congress, in both the House and now the Senate, put aside partisan politics to come together and pass the Social Security Fairness Act,” added Pringle. “The simple truth is that everyone—no matter where they’re from, what they look like, or what they do to make ends meet—should be able to retire with dignity and receive the benefits they earned and are entitled to. We thank Sens. Sherrod Brown (D-Ohio), Susan Collins (R-Maine), and Leader Chuck Schumer (D-New York), and we know that none of this would have been possible without Reps. Garret Graves (R-Louisiana) and Abigail Spanberger (D-Virginia). We are grateful for their leadership throughout this 118th Congress, and we eagerly await President Biden’s signature to make this law a reality.”  The holiday spirit of giving is alive and well at the California and Nevada Credit Union Leagues, which announced a new initiative this week — We GIVE (Goodwill Impact Volunteer Engage) Program.
Based out of the Leagues’ offices in Ontario and Sacramento, the We GIVE program empowers League staff to enrich their communities through dedicated volunteer service. Employees can volunteer through unique engagement opportunities, enhancing the localities where they live and work, and driving purposeful and life-changing experiences that are meaningful and relevant. The We GIVE initiative offers a variety of volunteer activities to choose from, allowing employees to select opportunities that align with their interests, skills, available time, and desired impact. This includes skills-based, direct service, event-based, virtual, corporate, and disaster relief support community volunteering, with employees provided 16 hours of paid volunteer time off per year. Staff is encouraged to find ways to give back to their communities while developing their skills and contributing to the Leagues’ social impact efforts. For We GIVE’s inspirational debut, League staff in Ontario and Sacramento, as well as Utah’s Credit Unions staff in Salt Lake City, UT, raised a treasure trove of toy donations for the annual Spark of Love Toy Drive, a yearly effort across several donation sites in Southern California during the holidays. Employees came together on Wednesday during their festive holiday staff celebration to make a meaningful difference in the lives of local children for Christmas through a heartwarming display of toy contributions and generosity. These new, unwrapped surprises will bring smiles to the faces of underserved children and teens this season — all in the spirit of the credit union movement and its “people helping people” mission and philosophy. “Our employees across California and their colleagues in Utah are honored to break new ground through our program We GIVE and support the Spark of Love Toy Drive,” said Scott Simpson, President and CEO of the Leagues. “Their willingness to open their hearts and contribute speaks volumes about the importance of this yearly effort across Southern California. On behalf of the Leagues and the credit unions we serve across California and Nevada, we are incredibly proud to play a part in bringing joy to children this holiday season.” Executive Vice President Larry Palochik expressed his gratitude for the opportunity to be involved in this year’s Spark of Love Toy Drive efforts, which is historically one of nation's largest holiday toy collection drives. “We are excited this season as we work to empower our staff to serve the communities where they live through our We GIVE initiative and its mission,” Palochik said. “There’s a clear connection between credit union values and the spirit of why the Spark of Love Toy Drive is so successful each year. Our toy collection during the Leagues’ holiday party emphasizes our dedication to spreading holiday cheer throughout underserved communities.” Toys from Ontario and Sacramento, CA, and Salt Lake City, UT, were transported to Orange County Fire Station 31 in Mission Viejo, CA. They will then be distributed to children across Los Angeles, San Bernardino, Orange, Ventura, and Riverside counties. The Spark of Love Toy Drive, a cherished annual tradition since 1992, is a collaborative effort between ABC-7, local firefighters, and Toys for Tots. It has collected more than 11 million toys since its inception, making it a true symbol of holiday giving in Southern California. The annual drive is also a symbol of community spirit and goodwill. By partnering with K-WAVE and the Orange County Fire Authority, this time-honored event provides a platform for individuals, businesses, and organizations to come together and make a tangible difference in the lives of local children. The initiative emphasizes the importance of supporting local families and creating joyful experiences during the holiday season, a sentiment that resonates deeply with the values of the Leagues and credit unions.  Utilities Employees Credit Union (UECU) and NE PA Credit Union (NE PA) are excited to announce their merger has received regulatory approval and member approval by a majority vote of the NE PA membership. With an outstanding 90% approval at the December 19th special meeting, the vote demonstrates strong support for the vision and future of the credit union. The legal date of the merger for the two organizations is planned for January 1, 2025.
The newly merged organization will have assets of over $1.45 billion, serve more than 62,000 members, and employ approximately 130 employees. UECU and NE PA’s four locations throughout Eastern Pennsylvania will remain open to serve members. This decision marks a significant milestone in UECU and NE PA’s commitment to providing expanded financial services and resources to their members. The merger is designed to enhance members’ overall banking experience by combining the strengths of both institutions. This will result in access to an expanded range of financial products and services and improved digital services, increasing the overall value and offerings for members. UECU brings decades of experience in providing a broad array of financial services to members that will now be available to NE PA members, including a robust rewards program, Visa ® card benefits, and expanded loan options. At the time of the legal merger, January 1, 2025, NE PA Credit Union’s legal name will become “NE PA Credit Union, a Division of UECU.” Both organizations will continue to serve members as usual as they ramp up efforts to fully integrate their core banking systems by the third quarter of 2025. "We are excited to welcome NE PA Credit Union members and employees to the UECU family. Joining together, we will work to ensure a smooth transition, and our focus will continue to be on providing exceptional service and offering financial products that cater to our members' lifestyle needs,” said Bret Krevolin, President/CEO of UECU. "We are thrilled our members have embraced this opportunity to join forces with UECU," said Mark Filbert, President/CEO of NE PA Credit Union. "This partnership will not only preserve the community-first values that our members have come to expect but will also enable us to offer enhanced services and resources to better serve their financial needs now and into the future." As of the date of the legal merger, Mr. Krevolin will remain the President/CEO of the combined organization, and Mr. Filbert will provide consulting services during the transition. All members will continue to enjoy access to their accounts during the transition period. In the months leading up to the integration of the credit unions’ core banking systems, NE PA members will receive a guide outlining their account changes and new UECU membership benefits. More information, including FAQs regarding the merger, can be found on both UECU and NE PA’s websites (www.uecu.org and www.nepafcu.org) and other applicable communication channels.  Jason Stverak The Defense Credit Union Council (DCUC) leadership met with the Department of Defense (DoD) Deputy Chief Financial Officer earlier today to reinforce its critical role and historic partnership with DoD decision-makers. DCUC advocates for enhanced financial services for military and veteran communities as part of its mission. Recognizing the challenges caused by disrupted communication channels during the COVID-19 pandemic, DCUC aims to solidify and strengthen its longstanding relationship with the DoD, while ensuring informed policy decisions that benefit service members and their families.
The meeting focused on recent concerns related to the DoD Military Banking Program, which has faced significant operational and policy challenges in recent years. These obstacles have created barriers for financial institutions, especially smaller credit unions operating on military installations. By engaging directly with DoD leadership, DCUC aims to streamline the approval process for simple agreements, modernize operational policies, and restore the effectiveness of this long-standing public-private partnership. Anthony Hernandez, DCUC president/CEO, presented an overview of DCUC’s mission and its pivotal role in championing the financial well-being of military and veteran communities. Hernandez emphasized the unique challenges defense credit unions face in serving our armed forces and veterans while highlighting DCUC’s 61+ years of partnership with the DoD as the trusted advocate for credit unions on military and veteran matters. During the briefing, Hernandez addressed key aspects of the Military Banking Program, including its purpose, policy responsibilities, and the need for improved management under the DoD Financial Management Regulation (FMR). He also discussed the newly introduced “Military Financial Services Protection Act of 2024,” sponsored by Congressman French Hill, Chair-elect of the House Financial Services Committee (HFSC). This landmark legislation seeks to enhance financial services offered on military installations through better oversight and strategic collaboration. Jason Stverak, DCUC’s Chief Advocacy Officer, joined Hernandez, who outlined DCUC’s advocacy position and why DCUC stresses the importance of creating an official advisory committee to enhance the management and oversight of the current Military Banking Program. DCUC’s briefing noted how the committee would bring together senior DoD officials and federalfinancial regulators to address policy gaps, leverage financial technology advancements, and ensure improved access to financial services. Stverak will be working with Congress to highlight the critical role of the “Military Financial Services Protection Act of 2024” in equipping the DoD with the tools needed to streamline operations and strengthen financial readiness among service members. Hernandez echoed this sentiment in meeting with the DoD. By fostering collaboration and utilizing data-driven solutions, DCUC believes we can tackle long-standing challenges and better serve the financial needs of those who serve our nation. DCUC remains committed to working with DoD officials, Congressman Hill, and key stakeholders to advance policies that protect military consumers, enhance financial readiness, and sustain the missions of credit unions and military banks. Through continued collaboration, DCUC and the DoD will strengthen the financial foundations that empower military communities to thrive. For more information, contact Jason Stverak, DCUC Chief Advocacy Officer at [email protected].  First Tech Federal Credit Union (First Tech) announced the opening of a new and modern, state-of-the-art experience center (XC) in downtown Bellevue to enhance access to financial services for locals working in tech.
Located in the innovative 555 Tower next to Amazon, First Tech’s return to downtown Bellevue provides the opportunity to highlight its commitment to member-focused and technology-driven banking solutions, competitive loan rates, and personalized financial services for people in tech. Members and people exploring membership can take advantage of by-appointment financial wellness consultations. Members can also benefit from appointments with First Tech Insurance Services and Addison Avenue Investment Services, which is a division of First Tech. Larger businesses can also benefit from First Tech’s commercial lending options and business accounts designed to support their growth and operational needs. According to a recent survey conducted through Suzy Survey, credit unions are 16% more popular with tech workers than those in non-tech, with over half of surveyed tech workers preferring credit unions. This means that the opening of the new First Tech credit union branch in the heart of Washington State’s tech hub is perfectly timed to meet the growing demand among tech professionals for reliable and community-focused financial services. “We're excited to be back in Bellevue in the heart of the flourishing tech community, where the proximity to forward-thinking industry leaders allows us to stay at the forefront of technological advancements,” said Jason Heupel, Chief Experience Officer (CXO) at First Tech. “This return marks a reconnection with an area experiencing rapid growth and innovation and allows us to cater to our members’ needs at every stage of their financial journey.” The new First Tech experience center is located at 555 108th Ave. NE, Ste 110, Bellevue, WA 98004 with operating hours Monday-Friday: 9:00 a.m. to 5:00 p.m. PT. First Tech plans to host a grand opening celebration in early 2025. First Tech serves over 900 partner companies, including Amazon, Intel, and Microsoft. Members comprise employees, their families, and other individuals meeting at least one of several easily accessible qualifications in over 94 countries. First Tech maintains physical locations in eight different states, as well as access to online banking services for people all over the globe.  Bo McDonald As 2024 draws to a close, credit unions across the nation are reflecting on a year of resilience, adaptability, and community-focused innovation. Leaders from some of the most dynamic credit unions share key strategies that fueled growth, the economic trends they navigated, and the lessons they’ll carry into 2025.
Across the board, credit unions leveraged customized programs to meet their members’ unique needs, with many focusing on loan growth. The $118 million United Community Credit Union, which serves eight counties in Illinois and Missouri, has seen nearly $12 million in loan growth this year. A year-over-year increase of 15.22%, President Sarah Distin says their credit union has seen its largest growth in mortgages and auto loans. With rising mortgage rates, UCCU’s unique balloon mortgage options have kept rates competitive for top-tier credit borrowers. Meanwhile, the credit union is allowing members to setup auto loan payments that fit their needs while promoting a 2% off coupon to reduce auto loans refinanced from dealerships and other financial institutions. In addition to flexible offerings being critical for credit unions in 2024, Tamara Ciccioli stressed the value of ongoing communication. "We’ve built strong relationships with secondary car dealerships and offered loan rates at or below market, which has been the bulk of our loan growth," said the CEO of New Jersey-based Bridgeton Onized Federal Credit Union. “Maintaining constant contact with members and dealerships ensures we remain top of mind." Bridgeton Onized has seen a 23.5% increase in loan growth. The credit union’s Return on Assets (ROA), which was just 0.26% a year ago, now stands at 0.75%. As Bridgeton Onized has been working to become a more well-capitalized credit union, it’s net worth is at its highest level since March of 2020. On the membership front, Inspire Federal Credit Union in Pennsylvania adopted a multifaceted approach, including small business banking and indirect lending. A year ago, the $356 million credit union had 15,235 members. Today, they stand at 16,313, a 7% increase. "We’ve added business development staff dedicated to fostering relationships with local businesses. This has brought in new checking accounts and small business loan opportunities, “ said Ashley Poller, senior vice president of community banking at Inspire. “Coupled with indirect lending through 50+ local dealerships and our digital-first member experience, we’ve strengthened Inspire’s presence in our community." Late last year, Members Credit Union moved its headquarters from Cos Cob to Stamford, Conn. CEO Kathy Chartier noted the importance of demographic alignment in the credit union’s membership growth, which increased 5.7% year over year. Member’s ITIN lending program has also been transformative to the Hispanic immigrant community. "Our new headquarters in Stamford positions us to better serve a diverse community where 30% of the population is of Latino origin. This has significantly boosted accessibility and membership growth,” she said. “By addressing our member’s needs with personalized products and exceptional service, we’ve built trust that generates member referrals and fosters long-term relationships." Looking ahead, credit unions plan to carry forward with a focus on refining operations, enhancing technology, and staying connected to their communities. "Local industrial growth has created higher-paying blue-collar jobs, which has increased loan demand,” Distin said of the region UCCU serves. “"We will continue to lean into what we do best –customized, competitive loans – and improve the efficiency of delivering these services." Inspire, too, has adapted to shifting consumer behaviors. Poller said the current rate environment keeps consumers on edge, and competitive deposit accounts have opened new opportunities for relationships with the credit union. "We’ll continue investing in technology initiatives that add value for members while doubling down on business development efforts to attract meaningful relationships,” Poller added. According to Bo McDonald, CEO of Your Marketing Co., credit unions have the unique ability to turn challenges into opportunities. YMC has helped these credit unions and others bring their vision to life, whether through personalized loan products, marketing strategies or heightened brand awareness. “In 2024, we’ve seen credit unions rediscover their roots – listening to their communities and offering solutions tailored to real needs,” McDonald said. “That’s the foundation of their success, and it’s the roadmap for 2025. |
Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
January 2025
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