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Tag: credit union

Virginia Credit Union League names new president

The Virginia Credit Union League has named Carrie Hunt as its next president, effective June 1 , the state trade association for not-for-profit, member-owned credit unions announced Thursday. Hunt replaces the league’s longtime leader, Richard Pillow, who will retire in June after 40 years with the association.

Currently, Hunt serves as the executive vice president of government affairs and general counsel for the National Association of Federally-Insured Credit Unions (NAFCU). In that position, she manages the Arlington-based association’s legislative, political, regulatory, compliance and research divisions and acts as staff liaison to federal regulatory agencies, including the Consumer Financial Protection Bureau and the National Credit Union Administration.

Hunt was named a top lobbyist in 2019 and 2020 listings compiled by The Hill.

“The League Board entered the selection process focused on the interests, welfare and success of our member credit unions,” said Patsy Stuard, chairperson of the Virginia Credit Union League’s board of directors and president and CEO of Fort Lee Federal Credit Union in Prince George, in a statement. “The search framework and process brought us a number of highly qualified candidates, but Carrie truly shined because she possesses an outstanding record of leadership, she is a respected and trusted advocate for credit unions and she has a deep understanding of the opportunities and challenges facing credit unions. She is the right leader for the industry today and for the future we’re working toward.”

NAFCU President and CEO Dan Berger said, “Carrie has been a rock not only to NAFCU but also to me. I was fortunate to work closely with her for 15 years and watched her advocate tirelessly on behalf of our members. Throughout her 17 years of service at NAFCU, Carrie always was energized and found innovative ways to approach issues to effectively inform policymakers on the credit union difference. We wish her much success in her new role as CEO.”

The bulk of Hunt’s career has been dedicated to consumer finance and financial services law, the regulatory landscape for credit unions and lobbying lawmakers. Previously, Hunt worked as a law clerk at the U.S. Court of Appeals for Veterans Claims and as legal counsel to Massachusetts state Sen. Andrea Nuciforo Jr., who chaired of that state’s Joint Committee on Banks and Banking.

She is a graduate of the University of Maryland at College Park and William & Mary School of Law.

“I look forward to representing Virginia’s credit unions and ensuring they have the right environment to thrive,” Hunt said in a statement. “Credit unions truly provide the best in financial services and I will engage with all stakeholders and policymakers to ensure their success now and into the future.”

The Virginia Credit Union League has offices in Richmond and Lynchburg.

U.Va. Community Credit Union names chief lending officer

The University of Virginia Community Credit Union announced Monday it has hired Joe Raichel as its first chief lending officer. 

With more than 23 years of experience in the financial services industry, Raichel most recently served as a senior vice president with Wells Fargo. He will report directly to U.Va. Credit Union President and CEO Alison DeTuncq.

Raichel serves as vice chair for the Piedmont Virginia Community College Educational Foundation Board of Directors. 

He earned his bachelor’s degree in finance and marketing from Kent State University and his master’s degree in business administration from the University of North Carolina at Charlotte.

U.Va. Community Credit Union is a not-for-profit, member-owned cooperative that provides financial services to more than 70,000 members across the state.

 

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Martinsville credit union names chief information officer

Martinsville-based ValleyStar Credit Union announced Thursday it has hired Cheri Spence as its first chief information officer.

Spence joined the ValleyStar board of directors in 2019 as the result of a merger with Entrust Financial Credit Union, where she served as chairwoman. She most recently served as vice president and CIO of Richmond-based nonprofit ChildFund.

With more than 20 years of corporate information technology experience, she also previously served as global CIO for the International Mission Board.

She earned her engineering and computer science degree from Virginia Tech and her master’s degree from Virginia Commonwealth University.

Founded in 1953, ValleyStar has more than $500 million in assets and operates in Collinsville, Danville, Martinsville, Richmond, Roanoke, Rocky Mount and Waynesboro.

 

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PenFed expands partnership with The Washington Justice

Tysons-based PenFed Credit Union announced Tuesday it is expanding its partnership with The Washington Justice, the professional esports Overwatch League for the Virginia, Maryland and Washington, D.C., area, into a three-year sponsorship.

PenFed, which is one of the nation’s largest federal credit unions, will be featured as an official Jersey Patch Partner for the team and have a team-branded credit card. The credit union’s branding will appear on jerseys during competitions.

“The passion and enthusiasm of Justice players and fans is wonderful to witness, and we are excited to expand our partnership and welcome even more Justice fans as PenFed members this year,” PenFed Credit Union President and CEO James Schenck said in a statement. “The credit card will make history as the first esports team branded card.”

Established in 1935, PenFed serves 2.2 million members with more than $26 billion in assets. There are 20 Overwatch League teams, and The Washington Justice was established in 2018.

 

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Richmond Heritage Federal Credit Union names chairman

The Richmond Heritage Federal Credit Union announced Friday it elected Antione M. Green as its next chairman on Dec. 29, 2020.

Green joined the board in 2018. He is the co-founder of the Patrick Henry School of Science and Arts, where he also served as CEO. He also serves as board president of the Richmond Urban Collective, a nonprofit organizing a proposed all-male charter school in Richmond.

“I’m honored to be selected by my fellow board members to lead us at a very critical period in our history,” Green said in a statement. “I think we owe it to our 10 founders, all Richmond Public Schools teachers, to ensure our legacy continues and we continue to ensure our members continue to have access to affordable capital for the next 85 years.”

Green previously served as the chairman of Southside Community Development and Housing Corp. and as president of the Urban League Young Professionals of Greater Richmond. He earned his bachelor’s degree from Virginia Commonwealth University. 

Chartered in 1936, the credit union was established to provide a place for Richmond Virginia School Board and Virginia Union University employees and family members to save and borrow money.

 

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Roanoke, local credit union launch small business relief fund

The city of Roanoke and Roanoke-based credit union Freedom First announced Tuesday a partnership that will disburse small business relief grants of up to $25,000 to those affected by the coronavirus.

The $416,250 program will use Community Development Block Grant-Coronavirus (CDBG-CV) federal funding. The program is intended for businesses that are at risk of closing or laying off employees due to COVID-19.

“Through these difficult times, small businesses have struggled to invent new ways to sustain their operations and stay open,” Roanoke City Manager Bob Cowell said in a statement. “This small business relief grant program will continue the city’s efforts at offering much needed support to do what we can to help keep our small businesses afloat.” 

Eligible businesses must be for-profit and located in the city of Roanoke. Grants can be used to pay for wages, utilities, rent, COVID-19-related costs and other costs that would enable the business to reopen.

“We are excited to partner with the city of Roanoke to distribute these grants to our local small businesses,” David Prosser, Freedom First senior vice president of community development, said in a statement. “Roanoke has a reputation for many one-of-a-kind, locally-owned small businesses, and we want to ensure they have the means to reopen and retain jobs for our workforce once lockdown restrictions have eased.”

Applications will remain open until June 1, 2022 or until funds are depleted.

 

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Va. Credit Union League president to retire next June

The Virginia Credit Union League (VCUL) announced Wednesday that its longtime president, Richard D. “Rick” Pillow, will retire on June 30, 2021, after dedicating 40 years to the credit union system.

“Anyone who has worked with Rick knows his passion for credit unions,” VCUL Board Chairman Patsy Stuard, CEO of Fort Lee Federal Credit Union, said in a statement. “His leadership and vision helped us position the league as the voice, champion and premier resource for Virginia’s credit unions. Rick’s guidance, his knowledge of the system and his enthusiasm will be missed, but he leaves a legacy of contribution and accomplishment that helped forge the league into the strong, stable, mission-focused organization it is today.”

Pillow began his career with credit unions in 1978 when he was hired by VCUL to serve as a consultant to credit unions. He served in several roles with the VCUL, its corporate credit union and with Martinsville DuPont Employees Credit Union (now ValleyStar Credit Union). In 1997, he was promoted to VCUL executive vice president, and on Jan. 1, 2000, became president, succeeding Eugene H. Farley Jr.

“What a privilege it’s been to have known and to have worked with so many wonderful people over those four decades, and I’m grateful and humbled by the difference they made in my life on both a personal and professional level,” Pillow said in a statement.

During his tenure, the Credit Union House of Virginia was established in downtown Richmond as a lobbying and operations hub. He also oversaw political fundraising, the launch of new products and services within the VCUL and its service corporation — and was involved with the creation of TRGroup, a multi-league organization offering products, services and professional development opportunities to more than 700 credit unions.

“I’m also incredibly proud of the many accomplishments of our league and our credit unions, and the work we’ve done together to advance Virginia’s credit union system,” Pillow said in a statement. “That success is a testament to our extraordinary staff, to the tremendous support of our credit unions and to the passion of the many credit union volunteers who have given of their time and talents in service to the league and their fellow credit unions.”

Pillow has also served on the Credit Union National Association Board of Directors, the U.S. Central’s Credit Committee, the American Association of Credit Union League’s board of directors (as chairman) and the inaugural board of directors of the national Credit Union House. 

During the coming weeks, the VCUL board will discuss how to proceed with the succession process, Stuard said in a statement.

“As we move forward together over the next 10 months to ensure a smooth leadership transition, credit unions can rest assured their elected League Board and our dedicated staff remain committed to our mission to protect, promote and unify Virginia’s credit union system,” Pillow said in a statement.

The VCUL is the state trade association for the commonwealth’s not-for-profit, member-owned credit unions and has offices in Richmond and Lynchburg. The organization has 90 member credit unions.

 

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Navy Federal hires new CFO

Vienna-based Navy Federal Credit Union has hired John Collins, a 20-year veteran of Capital One Financial Corp, as its new chief financial officer.

“John brings with him a wealth of experience that will serve Navy Federal well,” said Navy Federal President and CEO Mary McDuffie. “I know with his proven track record, John will hit the ground running in our mission of providing award-winning service.”

Collins holds a bachelor’s degree in accounting from the University of Richmond. He previously served as an executive in capital markets and risk analytics at McLean-based Capital One, where he also led two of Capital One’s bank acquisitions and integrations. Among his roles, he has served as controller for an acquired bank and as CFO for a line of business and chief of staff to a CFO.

“I’m honored to join Navy Federal and its rich tradition of serving those who have served and the communities that support them,” said Collins. “It’s clear that everyone in the organization – from our teams in contact center, digital teams and beyond – that there is a heavy emphasis on prioritizing our members’ needs and making their financial mission our own. I look forward to working with and learning from the team, and using my broad experience managing different facets of an organization’s finances to help continue making these goals a reality.”

The world’s largest credit union, Navy Federal has more than 9 million members worldwide. With a global network of 341 branches, it has more than 21,500 employees.

Navy Federal ranked No. 4 U.S. brand for customer experience

Big Four accounting firm KPMG announced Monday it has named the Vienna-based Navy Federal Credit Union No. 4 on its annual list of top 10 U.S. brands for customer experience excellence.

The KPMG U.S. Customer Experience Excellence report identifies top-performing brands and industries in terms of customer experience based on a survey of approximately 11,000 U.S. consumers. In light of COVID-19, KPMG reported that brands that used technology, including artificial intelligence, to move the customer experience online performed better in the survey. 

USAA, H-E-B and Chick-fil-A remained in the top three spots on the list this year, with Navy Federal Credit Union placing fourth. In-N-Out Burger, Publix, Wegmans and Charles Schwab were new to the list. The 2020 top 10 U.S. brands, as reported by KPMG are:

  1. USAA, San Antonio, Texas
  2. H-E-B, San Antonio, Texas
  3. Chick-fil-A, Atlanta
  4. Navy Federal Credit Union, Vienna
  5. Edward Jones, St. Louis
  6. In-N-Out Burger, Irvine, California
  7. Costco Wholesale, Issaquah, Washington
  8. Publix, Lakeland, Florida
  9. Wegmans, Rochester, New York
  10. Charles Schwab, San Francisco

“Leaders in our 2020 index are purpose-led companies with deep connective customer relationships, offering online experiences that are immersive, emotionally connective and safe,” Julio Hernandez, KPMG LLP U.S. customer advisory practice lead, said in a statement “With the move to online accelerating due to COVID-19, the nature of the relationship between brands and their customers has changed, bringing the need for commercial cadence to the forefront. 

“Our analysis also shows a move to the age of ‘buying into’ from ‘buying from,’ as customers are seeking companies that make a difference environmentally and socially.”

Established in 1933, Navy Federal is the world’s largest credit union, with more than 9 million members around the globe. The credit union across its 330 branches employs more than 18,000 people, holds $112.09 billion in assets and serves nearly 9 million members. Last year, the Navy Federal added more than 1 million members and opened 20 branches.

President and CEO Mary McDuffie in late 2019 pledged to add another 20 branches this year and work to improve the customer experience. Navy Federal is also in the midst of a $100 million expansion of its Frederick call center, expected to create more than 1,400 jobs. In January, Navy Federal made the top 500 companies on Forbes Magazine’s third annual America’s Best Employers for Diversity list. Only 19 Virginia companies were named to the list this year.

KPMG’s survey asked participants to evaluate integrity, resolution, expectations, time and effort, personalized experience and empathy. The top 10 U.S. brands outperformed the market for integrity and empathy, according to KPMG.

 

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Martinsville credit union announces leadership changes

Martinsville-based ValleyStar Credit Union announced Friday it has promoted Lisa M. Lambrecht to executive vice president. She was previously the chief financial officer at the credit union.

In her new role, she will report to the president and CEO, and oversee the CFO, chief operating officer, chief marketing officer, the risk management department and the human resources and training department. Before joining ValleyStar in 2019, Lambrecht was the president and CEO of Entrust Financial Credit Union, which merged with ValleyStar last July.

Lambrecht earned her bachelor’s degree from Old Dominion University and her master’s degree in business administration from the Keller Graduate School of Management at DeVry University.

Wm. Andrew Reynolds. Photo courtesy ValleyStar Credit Union
Wm. Andrew Reynolds. Photo courtesy ValleyStar Credit Union

ValleyStar also promoted Wm. Andrew Reynolds to CFO and senior vice president.

Reynolds has been with ValleyStar for 18 years practicing financial accounting and data analytics, which he will oversee in his new role. Before his time with ValleyStar, he was the controller of West Point-based Baylands Family Credit Union. 

He earned his bachelor’s degree in finance and a master’s degree in business administration from Virginia Tech. Reynolds also serves as the legislative event coordinator for the Southwest region of the Virginia Credit Union League.

 

 

 

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