On October 8, 1935, at the height of the Great Depression, nine United States Senate employees; Chas E. Alden, Mack D. Chestnutt, Blaine Hollimon Jr., William E. Howard, Harry E. Cain, Edwin L. Swope, J.M. Henderson, D. Ronald Potter and Morris Sheppard, pooled their resources and chartered the United States Senate Employees Federal Credit Union with $45.00 to provide quality financial services to workers throughout the Senate.
Initially operating out of an office in the Russell Senate Office Building, United States Senate Employees Federal Credit Union enjoyed decades of continuous membership and revenue growth. By the time of its 50th Anniversary in 1985 and the institution would serve over 15,000 members.
In the following years, a name change to United States Senate Federal Credit Union (USSFCU) in 1990 and mergers with three other federal credit unions — the Government Accountability Office Federal Credit Union (GAOFCU), the District of Columbia Unemployment Federal Credit Union (DCUFCU), and American Trucking Association Federal Credit Union (ATAFCU) — helped USSFCU achieve dramatic growth into the new century.
In fact, by the time of its 65th Anniversary in 2000, USSFCU assets had reached $204 million and its membership stood at over 28,000.
Today, after decades of strategic planning and growth, USSFCU strives to continually introduce innovative new products and services, including user-friendly checking accounts and online banking services, to meet our members’ evolving needs in an era of rapid technological change.
We’re proud of USSFCU’s more than 80 years of professional service and look forward to helping our members achieve their goals for decades to come.
A Timeline of Continuous Growth
1935 – On October 8, 1935, nine United States Senate employees officially chartered the United States Senate Employees Federal Credit Union. For its first several decades the institution would operate out of the Russell Senate Office Building, named after Senator Richard B. Russell, who represented the State of Georgia in the Senate from 1933 to 1971.
1970 – USSEFCU exceeds $3 million in assets.
1974 – USSEFCU exceeds $10 million in assets.
1984 – To accommodate its continued growth, USSEFCU relocates from its office in the Russell Senate Office Building to the newly opened Hart Senate Office Building, which is named after Senator Philip Hart of Michigan, who during his 17-year Senate career was known as the “Conscience of the Senate”.
1985 – As USSEFCU celebrates its 50th Anniversary and membership has grown to over 15,000.
1986 – USSEFCU exceeds $50 million in assets.
1990 – United States Senate Employees Federal Credit Union Board, in order to help set the stage for future expansion, formally approves a name change to the United States Senate Federal Credit Union (USSFCU).
1992 – The USSFCU Board approves a merger with the Government Accountability Office (GAO) Federal Credit Union, adding 2,700 new USSFCU members and enabling the opening of a second full-service USSFCU branch in the GAO Building at 441 G Street NW.
1992 – USSFCU exceeds $100 million in assets.
1993 – USSFCU opens a new operations center in Alexandria, Virginia.
2000 – USSFCU celebrates its 65th Anniversary as assets reach $204 million and membership surges past 28,000.
2002 – USSFCU’s third branch opens in Alexandria, VA.
2002 – After a significant investment, USSFCU launches online banking.
2003 – USSFCU exceeds $300 million in assets.
2005 – A new call center and business continuity facility opens in Central Virginia to support USSFCU’s member services and to serve as a backup operations center in the event of a natural disaster.
2008 – USSFCU exceeds $400 million in assets.
2010 – USSFCU celebrates its 75th Anniversary.
2011 – USSFCU exceeds $500 million in assets.
2012 – USSFCU relaunches its online banking platform and is now able to offer members even more innovative online banking services.
2015 – As USSFCU celebrates its 80th Anniversary, the credit union has grown to serve more than 32,000 members and manage over $550 million in assets.
2016 – USSFCU exceeds $600 million in assets.
2017 – Upgraded to a new and improved website—offering enhanced user-friendly capabilities and updated Online Banking features.
2017 – Implemented early ACH posting, allowing members access to their direct deposit funds up two (2) days early.
2017 – Donated a total of $50,000 to food banks and shelters in the Washington, DC and Virginia areas.
2017 – Introduced the Bump Rate Certificate—an exciting new savings product that allows members the opportunity to bump up to a higher earning rate during the term of the certificate.
2017 - Launched Member Business Services—providing a line of financial products designed especially for businesses and nonprofit organizations.
2017 – Ended the year with a special thank you to our members—distributing a total of $165,000 in special dividends ($5) to all qualified members throughout the 2017 Holiday season.
2018 – Started the new year by raising rates on all savings products, making USSFCU a national leader in deposit rates.
2018 – Visa® Instant Issue: Debit and Credit Cards that can now be printed instantly—allowing members to leave any USSFCU branch with a ready to use, fully functioning account in just minutes.
2018 – Received a 5-Star Rating with Bankrate.com and ranked #79 in the Top 200 Healthiest Credit Unions in the Nation with DepositAccounts.com by Lending Tree.
2018 – Grew to a total of $715 million in Total Assets—a USSFCU milestone.