HUECU forged ahead on the mission to provide an exceptional banking experience for our members. We developed new products that return more value to members.
After much anticipation, the new HUECU branch in the Longwood Medical Area (LMA) opened its doors at 435 Brookline Avenue in Boston.
Introduced Insurance Services which can assist members by helping protect the financial future of loved ones with insurance policies designed to be affordable and reliable.
Welcomed “Ivy,” our virtual chatbot available on our website to help answer your frequently asked questions and guide you through our site. If Ivy can’t get you the answer you need, Live Chat can connect you with a live agent in our Support Center who can provide real-time answers to your questions.
Introduced the Undergraduate Education Loan, allowing undergrad students to pay for any accredited school and get cash back benefits at graduation.
Launched installment payment options on our credit cards, allowing cardholders to pay for large purchases as lower-rate fixed loans.
Launched a debit card that members can use to directly tap into their HELOC to make purchases.
In 2022, macroeconomic trends led to a sharp rise in inflation. From gas stations to grocery stores, the cost of everyday goods surged: putting increased pressure on household budgets. Meanwhile, in efforts to fight inflation, the Federal Reserve raised its benchmark interest rate numerous times, reaching heights not seen in over a decade. While this meant higher returns on investment and savings, it also significantly raised costs for borrowers.
While in recent years home buyers and the Credit Union have benefitted from the market, the rate hikes have created challenges. Real estate lending at the Credit Union slowed down considerably, and deposits flowed out as members took advantage of aggressive offers in the market. Despite these headwinds, HUECU had another exceptional year, continuing our steady growth, and adapting to macro-economic shifts by providing the products, services, and member value that are most meaningful to our communities in the current economic environment.
As conditions continue to evolve, we understand that our role as a provider of quality financial services and support is more important than ever. HUECU remains committed to being a trusted financial partner in our members’ lives and uncovering every opportunity to bring them exceptional member value and experience.
This year we found new ways to return value to our
Craig Leonard President & CEO
members, starting with the much anticipated opening of the new HUECU branch in the Longwood Medical Area (LMA). The new street-level location at the corner of Joslin Place replaced the previous branch located inside the T. H. Chan Harvard School of Public Health, which was forced to close during the COVID pandemic. The opening represents a wonderful opportunity to return to the LMA community and reconnect with members old and new.
To improve the delivery of services and information, 2022 saw the official debut of HUECU’s virtual chatbot “Ivy” and the addition of Live Chat to our online support. Meanwhile, we also launched Insurance Services—a new offering to assist members in protecting the financial future of themselves and their loved ones, via trustworthy insurance policies designed to be affordable and reliable.
There are now even more ways for members to access the funds they need to achieve their goals. Our new Undergraduate Education Loan lets undergrad students pay for any accredited school and get cash back benefits at graduation. Credit card users can take advantage of a new installment payment option on all HUECU credit cards, to pay for large purchases as lower-rate fixed loans. And, the newly launched HELOC debit card lets members tap directly into their home equity line of credit to make purchases.
2022 brought new opportunities to do good for our members, our staff, and our community. At the start of the year we launched THRIVE: a platform that brings together all the Credit Union’s financial wellness resources in one place, for easy access to blogs, workshops, financial
expertise and much more. We also introduced the Volunteer Initiative Program (VIP) which allows Credit Union staff to use work time to participate in volunteering events; and we supported Mount Auburn Hospital and their ”Here for You” emergency care campaign with a $100,000 donation pledge, unanimously approved by the HUECU Board.
Strengthening our pledge to make new inroads for diversity and inclusion in the HUECU workplace, we partnered with DeEtta Jones to activate a comprehensive Diversity, Equity, Inclusion and Belonging (DEIB) strategy. The new program will formalize our approach and have a direct influence on how we operate as a business; ensuring that we effect measurable change and stay accountable in our work to further embrace and encourage the diversity of our workforce and membership.
The Credit Union reached its seventh consecutive year of doubledigit growth. Our robust financial performance is a testament to the trust and loyalty of our members, without whom we could not have reached this milestone. We are committed to making HUECU’s success a collective one. In that pursuit, we will continue to enhance our product and service offerings; finding new ways to return value to our members, our employees, and the Harvard community at large.
Not every hero wears a cape! Our HUECU staff are the everyday superheroes who make it possible to serve our members and community month after month, year after year, with quality and integrity. The commitment of our employees to exceptional service is what helps the Credit Union stand apart. Thank you to our hardworking staff and volunteer Board for another exceptional year. We salute you!
Introduced “Thrive,” HUECU’s new financial wellness platform.
We donated $150,000 to a variety of community organizations.
We presented more than 70 Personal Finance events to 2,400 attendees, promoting critical financial skills within our communities.
We launched the Volunteer Initiative Program (VIP) which allows HUECU employees to use work time to participate in volunteering events in the community.
The Credit Union continued to perform strongly, posting another year of solid earnings. Assets increased by 10.4%, with a yearend total of $1.145 billion.
John T. Litchen Treasurer
Positive growth was realized in many areas of the Credit Union, including loans and deposits. Loan quality remained high within all loan product segments.
As reflected in the unaudited financial statements, the Credit Union continues to be a well-capitalized, financially strong institution where members can feel confident saving and borrowing.
The Board, management and staff are to be commended for their contributions to our success
Throughout 2022, the Committee met regularly to review the monthly financial statements and audit reports, as well as to discuss other operational topics of interest. We are assisted in our efforts by external firms that provide audit support of the Credit Union’s finances and internal controls. Wolf & Company, P.C., audits our financial statements.
Internal audits continued to receive significant attention during 2022. Healy & Healy, our partnered firm, performed internal audits throughout the year to test Credit Union procedures and controls in branch operations, wire transfers, deposit operations, mortgage and student loans, among other areas. The Committee reviewed their findings and management’s responses and continues to actively work with management on suggested areas to strengthen our processes and mitigate risk.
Reimbursements to Board Directors, including other general expenses associated with Board meetings, confer-
ences, trainings, committee meetings and planning sessions within 2022 totaled $81,012. No reimbursable expenses to members of the Audit Committee and Credit Committee occurred. All Board Director expenses and reimbursements were made in compliance with the regulations of the National Credit Union Administration and the Massachusetts Division of Banks.
The Committee wishes to thank the Credit Union management for their cooperation, support and assistance throughout the year
Dee Dee Chen
Mary Ann O’Brien
Susan Simon
Kaur
COMMITTEE MEMBERS
April Edrington
Harman
The Audit Committee is composed of five Directors dedicated to ensuring that the Credit Union’s actions are held to the highest standards of integrity and value.
Tom Montilli EVP, Chief Experience Officer
Katie Armstrong SVP, Chief Financial Officer
Mary Straub Clerk Since 2004
Craig Leonard President & CEO
John Degnan SVP, Operations
Dee Dee Chen Since 2015
Dennis Campbell Since 2013
Mary Ann O’Brien Since 2022
John Lichten Treasurer Since 1992
Karrie Ford Since 2014
April D. Edrington Since 2016
Gonzalo Muñoz Sanz Since 2021
Susan G. Simon Since 2017
George White Chairman Since 1999 Shahar Ziv Since 2016
Jeremiah Murphy Vice Chair Since 2003
Harman Kaur Since 2021
Jason Luke Since 2014
We would like to thank all of our partner organizations for their continued support and participation in the Credit Union.
The Harvard University Employees Credit Union is proud to offer our services to the employees, students and alumni of Harvard University, Harvard teaching hospitals and affiliated organizations.
American Repertory Theater
Beth Israel Deaconess Medical Center
Boston Children’s Hospital
Brigham and Women’s Hospital
Cambridge Health Alliance
The Coop
Dana Farber Cancer Institute
Dumbarton Oaks Research Library
GBH Boston
Harvard Business Publishing
Harvard Management Company
Harvard Pilgrim Health Care
Harvard University
Joslin Diabetes Center
Lesley University
Longwood Collective
Massachusetts Mental Health Center
Massachusetts Eye and Ear Infirmary
Mass General Brigham
Massachusetts General Hospital
Mount Auburn Hospital
Shriners Hospital for Children
Spaulding Rehabilitation Hospital
