Report from the Chairman & CEO

George White Chairman of the Board

Macroeconomics Of 2022

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.

Multiplying Value To Members

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.

Expanding Borrower Options

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.

COMMUNITY & RESPONSIBILITY

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.

DOUBLE-DIGIT GROWTH

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.

Celebrating The Huecu Team

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!