Category: Credit union History

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Celebrating a CEO’s 48 Years at the Credit Union

On October 1 CEO Catherine Tierney  entered her 49th year with Community First Credit Union.  The Appleton, WI based coop is today  $5.8 billion in assets  serving 158,000 members with 29 branches and over 580 employees.

She posted this thank you on her LinkedIn page upon beginning her new year. I describe her post using her own words as, the gift of doing what you love:

“October 1st is a special day to me.

“Today marks a milestone of 48 incredible years at Community First Credit Union. It’s been a journey filled with growth, challenges, and countless memories that have shaped not only my professional life but my personal one too.

“From the early days of learning the business to now being part of this amazing organization’s transformation, I’m grateful for the opportunity to have worked alongside so many talented people who share the same dedication and passion for our members, our industry and our communities.

“Thank you to my colleagues, past and present, and to our loyal members for being part of this remarkable journey. Here’s to the gift of doing what you love and the joy that comes from making a difference together!”

From the archives I thought it would be helpful for people who may not met her to see how she and the credit union present their work.  Following are two examples of the joy making a difference together.

The first is a short excerpt of a Catherine interview from several decades ago about how the credit union employees are the first responders for identifying members in need:

(https://youtu.be/lzAN0HXXQBo)

This second video is a story how Community First helped a young couple get started in life when they didn’t think there was any way to adopt their son and then buy a home.

(https://www.youtube.com/watch?v=d6AQbDYSmpg)

Catherine’s long service of leadership with her team is an example of what credit unions do best for their members and communities.   All who believe in the difference credit unions can deliver, should be grateful for her two generations of professional member-centric commitment.

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When Credit Union Members, Regulators and the White House Were in Alignment

From the President to the Treasury Secretary (1936):

In the first years of implementing the  1934 Federal Credit Union Act, oversight of the emerging federal option was placed in the Farm Credit Administration.   The FCA’s publication, Cooperative Saving, was a quarterly sent to all credit unions about how to set up and run a credit union.  William Myers, the FCA’s administrator, wrote this statement in the July-August 1938 first issue.

Note the “Memorandum-The Basis of Credit Union Success” is addressed to all FCU members.  And his statement, “If anyone should ask for the reason for this success. . . I should refer them to you.”

Aligning NCUA with administration on  priorities is critical to legislative change, such Congress’s  1984 restructuring of the NCUSIF following cooperative principles. The White House’s Assistant to the President David Gergen, acknowledges NCUA’s role for “restraining excessive government spending.”

When members, regulators and the Administration’s priorities are aligned in support  of cooperatives, credit unions “will continue to flourish greatly as one of the hopeful and lasting institutions of American life.”  It has happened before.