Who is GenFed?
GenFed Federal Credit Union is a financial institution that is owned by the account holders. That means account holders get what they want – the best products, services, rates, fee schedules, quality of service and the most convenient way to access their money and account information.
Credit Unions began to prosper in the United States right after World War I when people could begin to afford consumer products such as cars, radios and washing machines. However, most people couldn’t afford to buy these items outright with cash. They needed to save or to borrow the money first.
At that time, banks and savings and loans were not interested in helping small savers and borrowers. The first credit union was started as a group of people who worked together and discussed their feelings of being gouged by high bank fees, high loan rates, and low interest rates on savings.
They decided they would pool their savings and lend it to fellow employees who needed to borrow. They would charge reasonable rates for loans and invest their money in places where they could earn higher returns than they could with their individual savings accounts.
Check out benefits members receive at different ownership levels!
Who Owns the Credit Union ?
Actually, you do! Look at the difference…
Banks are owned by stockholders, who are only in business to make a profit. Every action at a bank is geared toward making a profit for those stockholders.
Credit Unions, on the other hand, have no stockholders. They are owned by the members (account holders). Any profits are returned to the account holders in the form of lower loan interest rates, higher rates on savings, lower fees and additional products and services. As account holders, or members of your credit union, you elect volunteers to serve as GenFed’s board of directors. These volunteers determine GenFed’s direction and make important decisions about GenFed’s future.
GenFed's Board of Directors is composed of 7 individuals, 2 male, 5 female, with many years of combined service. The group of dedicated individuals also serve on committees including the following:
- Pension/Trustees: 3 members
- Executive Committee: 3 members
- Nominating/Program Committee: 3 members
- ALCO (Asset/Liability Committee): 8 members
- Supervisory Committee: 3 members
Thank You, Dedicated GenFed
Volunteer Board of Directors!
