This Sums Up the Spirit of the Credit Union
Published: June 28, 2018
Senator John Barrasso {(R-WY) Top Right}; Senator Cory Booker {(D-NJ) Top Left}; and Senator Ben Cardin {(D-MD) Bottom Middle}
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Senators Extoll the Virtues of Credit Unions at USSFCU’s 83rd Annual Meeting
More than 300 people packed the 9th floor of Hart Senate Office Building in downtown Washington, DC for United States Senate Federal Credit Union (USSFCU)’s 83rd Annual Meeting of Members. Attendees gathered to hear about the current state of the Credit Union but this was also a chance to hear Senators’ remarks regarding USSFCU and credit unions. Among the group of USSFCU members, staff and board of directors were guest speakers, Senator John Barrasso (R-WY); Senator Cory Booker (D-NJ); and Senator Ben Cardin (D-MD). The energetic atmosphere of the room was amplified by the positive news and optimistic projections given by each speaker.
“2017 was a very good year for the Credit Union,” said USSFCU President/CEO Kenneth Kramer, “with a financial net worth above 11 percent, and Return on Assets above one percent, placing USSFCU in the top tier of credit unions nationally.” USSFCU’s total Assets grew $64 million (10.6%) to $674 million by the end of 2017.
“2018 is also off to a great start,” said Kramer. Total Assets continue to rise, with an additional $44 million in growth, quarter one ends with $718 million in Total Assets, a USSFCU milestone. Upholding the true spirit of credit unions, USSFCU returns profits to their membership. USSFCU has increased dividend rates not once, but twice (January 1 and March 1) on all savings and deposit products. In addition, interest rates were lowered on USSFCU Visa® Credit Cards.
USSFCU’s “Relationship and Service Focus” cultural values are evident by the way the organization serves its members and the community at large. For more than a decade USSFCU has sponsored the Credit Union Cherry Blossom 10-Mile Run, benefiting the Children’s National Hospital and continues to support local food banks and shelters in Washington and surrounding areas.
“The credit union represents some of the best values we have, beginning in the Great Depression when so many were struggling”, noted Senator Cory Booker as he addressed the crowd. He continued by speaking of his own low-income neighborhood in New Jersey and concluded by stating, "If you want to go fast, go alone; but if you want to go far, go together—this sums up the spirit of the credit union."
Senator John Barrasso voiced vocal support for credit unions as he addressed the room. Earlier in the year, Barrasso showed consensus with credit unions and community banks by voting in favor of the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). “This bill will give these vital institutions the freedom to do what they do best: serve their customers and their communities,” said Barrasso.
Passed by the House on May 22, 2018 and signed into law by the President just one day after the Annual Meeting, the bill will enable credit unions more flexibility and freedom in the products and services they offer their members.
Senator Ben Cardin then took the floor and stated that he was glad to hear that USSFCU remains healthy and loyal to its members. Cardin drew a stark contrast between credit unions and “big banks” by noting that the banking industry continues developing predatory practices over time, but credit unions have remained true to their mission. Cardin finished by saying, “Credit unions are grounded in the community and fighting to preserve the ability to continue their mission.”
The final takeaway from the 2018 USSFCU Annual Meeting is that credit unions and communities are inexplicably bound together. This union is at the very heart of USSFCU’s mission. The support for credit unions offered by these Senators and recent legislation shows that credit union solidarity could even possibly bridge the partisan divide on Capitol Hill.