Elevating Member Well Being to the Top Priority Gene Foley, President / CEO Harvard University Employees Credit Union.

Elevating Member Well Being to the Top Priority

Gene Foley, President / CEOHarvard University Employees Credit Union

The Little Mancirca 1923

Bank-ster

"To give the little guy a bank that will do business with

him.“

He was the first to offer home mortgages, auto loans and installment credit, and marketed those services to people who had no experience with credit. He built his business by reaching out to the immigrant poor.

Amadeo Pietro (A.P.)Giannini Founder of

A.P. Giannini

"I don't want to be rich. No man owns a fortune; it

owns him.”

Which Wealthy American Said ?

“Why shouldn't the American

people take half my money from

me? ”

“I took all of it from them.”

Edward Filenefounder of the American Credit Union Movement

“Why shouldn't the American

people take half my money from

me? ”

“I took all of it from them.”

The Little Guycirca 2007

Weaves our story intothe cultural shift

Answers what people wanttheir primary financial

partner to stand for

Presents a story thatlawmakers want tobe associated with

July 24, 2015

Credit Union Identity Crisis

Unintended Consequences of 1151

The Credit Union Movement has evolved from 20,000 similar, small , single sponsor institutions – without any field-of-membership overlaps; to 6,000 highly segmented, predominantly community chartered and competing institutions where only the largest are thriving.

Which Comes First? The Credit Union or the Member?

Letter to the Senate Urging the Passage of the Comprehensive Bankruptcy Reform Legislation

February 18, 2004

“As bankruptcies continue to reach record levels, credit unions are being subjected to an increasing number of abusive filings where individuals who clearly can pay part or all of their debt do not. As a result, credit unions are experiencing a steady stream of losses.”

CUs Note Concern of Impact by Military Anti-Predatory Lending Law

January 10, 2007

“While supporting the new law aimed at combating predatory lender aimed at the nation’s Armed Services members, CUNA and the Defense Credit Union Council (DCUC) have jointly told the Department of Defense that the groups “are seriously concerned” that implementation of certain provisions of the new statute “could be problematic and have an adverse effect on credit unions, service members and their families.”

Credit unions stand firm No CRA requirements WASHINGTON (3/18/08)

Yet, he said the committee will look again next year at the “CRA-credit union issue.” CUNA’s Mica said, “Chairman Frank has himself said that if every financial institution were similar to a credit union, CRA would be unnecessary. With that in mind, we continue to believe that CRA is unnecessary for credit unions, and CUNA remains opposed to including credit unions under provisions of CRA.”

CARD Act Changes Threaten To Divert Resources From Member Service

02/21/2013

Overall, the increased cost of compliance associated with these and other CARD Act changes has made it more expensive for credit unions and other issuers to operate card programs. "

Credit unions raising overdraft fees faster than banks

Washington Post – July 8, 2013

• Credit unions have been raising overdraft fees on ATM withdrawals, checks and debit card purchases at a faster pace than banks to offset a decline in consumers overdrawing their accounts, research firm Moebs Services said in a report to be released Tuesday.

• "It's disappointing if the most influential Washington, D.C., credit unions are using practices designed by consultants to extract money out of their members," says Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group. "Government credit unions should serve as a model for what's right rather than a poster child for what's wrong."

Consumer Groups Urge NCUA To Investigate‘Predatory Student Loans’ By Credit Unions

07/30/2015

“We are deeply disturbed about the role of credit unions and CUSOs that partnered with for-profit colleges to offer predatory student loans,” states the letter. “In particular, ITT Educational Services, the controversial for profit college chain, allegedly developed a scheme to issue extremely high rates” –

• Center for Responsible Lending• Consumers Union• Consumer Action Network• Center for American Progress• Higher Ed Not Debt• National Consumer Law Center• Student Debt Crisis• United States Student Association• The Woodstock Institute

Congressional Visit Materials90 Second Talking Points

• Preserve the Credit Union Tax Status

• Stop Merchant Data Breaches

• Remove Barriers of Regulatory Burden

• Eliminate FHLB Eligibility Inequality

• Eliminate Privacy Notification Requirement

• Allow the Raising of Supplemental Capital

When is the last time that we marched up Capital Hill just to tell Congress that credit unions have developed the solution to predatory lending, payday loans, usury, bankruptcy, foreclosure, financial literacy, college financing, home ownership, remittances, credit counselling …..

Redefining Our Identity

If credit unions would concentrate more on being

consumer advocates, rather than credit union

advocates we would stamp our identity

indelibly on Congress and the business would take

care of itself.