USSFCU Spotlight | Spring/Summer 2023

A Promise Made, A Promise Kept

USSFCU Officially Cuts Non-Sufficient Funds (NSF) & Overdraft Fees

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SPOT LIGHT USSFCU

THE INDUCTION

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2023 ANNUAL MEETING RECAP

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Timothy L. Anderson President & CEO

Kathy Dalfrey Senior VP/Chief Financial Officer

Serving Our Members Since 1935

Heather Mansour Chief Human Resources Officer

Omar Ramsay

Chief Risk Officer

Jay Moore Chairman

Anthony J. “Tony” Zagami Vice Chair

Ileana Garcia Secretary/Treasurer

Joe Eckert Director

Danielle McLean Director

Judy Rainey Director

Margaret P. “Margo” Rushing Director

Christopher D. Shunk Director

Mark Fournier Chief Information Officer

Deborah Yarborough Director

Jeff Smith Chief Lending Officer

USSFCU EXECUTIVE MANAGEMENT

USSFCU BOARD MEMBERS

It is difficult to imagine that we are already halfway through 2023. It seems like only yesterday that we were welcoming the new and returning Members and their offices to the 118th Congress. A lot has happened in the past months.

USSFCU kicked off the year by donating $70,000 to local charities and nonprofits. Focusing on the communities we live and work in is important to us. Keeping true to this focus, we also started the USSFCU Spotlight Podcast, which highlights individuals in the Senate and USSFCU communities who are making a difference for others.

One of the biggest steps we took this year to make a difference for our members was a pledge to eliminate NonSufficient Funds (NSF) & overdraft fees. We made this pledge in February of this year, and only two short months later, we made good on that promise. On April 17, 2023, members no longer incur those fees.

In April, we also launched an innovative new lending platform that allows our members to refinance their outside auto loans in a quick, intuitive & streamlined manner. RapidRefi provides the versatility of a fintech with the stability and security of USSFCU. Our goal was to make the process of refinancing an auto as easy as possible for our members and we are confident that this new platform delivers on this goal.

From April through June, we also offered lender credits on first and second mortgages but this year we added two after-hours events to give our members the ability to speak one on one with our mortgage experts and partners. The first event was held in April at the Credit Union House in Washington, D.C. and the second was held in June at the Loft at Lena’s in Alexandria, Virginia. These events were important as they marked the first major USSFCU-led in-person community engagement since the end of COVID-19. This was only the beginning as we already have two additional events scheduled for July and August.

In May, we held our Annual Meeting of Members and Board of Directors Election. As in recent years, the meeting was held virtually. It is our hope to hold the meeting in person in 2024. Shortly before the Meeting, long-time Board Member and friend, Christopher C. Dey passed. He will be greatly missed by the Credit Union and the impact he made in both the USSFCU and Senate communities will never be forgotten.

In early spring and continuing throughout the summer, we have featured unprecedented Certificate of Deposit (CD) rates, establishing ourselves as an industry leader as denoted by Yahoo Finance and Kiplinger. We offered a 20-month CD special that ranked as the top rate in the nation, and our 24-month has consistently been listed as one of the nation’s best.

One important note regarding your investments with USSFCU and credit unions in general. Credit Unions are notfor-profit and have a mandate to be fiscally responsible to our shareholders, and for USSFCU, that means you—our valued members. Your funds are federally insured up to $250,000 per account. Every investment we make is guided by how this will impact our members.

Lastly, we would like to welcome the newest Member of the Board of Directors, Danielle McLean. Danielle was appointed by the Board on June 22 to fill a vacant seat.

We are excited for the remainder of 2023, as we have several new initiatives and enhancements we plan to roll out before the end of the year. Thank you for your membership and have a great summer!

Timothy L. Anderson USSFCU President & CEO

BauerFinancial, Inc., the Nation’s Premier Bank and Credit Union Rating Firm, congratulates United States Senate Federal Credit Union, Alexandria, Virginia on its 111th consecutive 5-Star Rating. To earn this top rating, the credit union must excel under a rigorous, independent analysis of its financial condition and the United States Senate Federal Credit Union has done so continuously since December 1995. Only 12% of credit unions in the nation have earned this top rating for 100 plus consecutive quarters can call themselves a “Best of Bauer Credit Union”.

1310 Braddock Place • Alexandria, VA 22314 800.374.2758 // ussfcu.org

Membership eligibility required. Federally insured by NCUA

Bank and Credit Union data compiled from financial data for the period noted, as reported to federal regulators. The financial data obtained from these sources is consistently reliable, although; the accuracy and completeness of the data cannot be guaranteed by BauerFinancial, Inc. Since 1983, BauerFinancial has relied upon this data in its judgment and in rendering its opinion (e.g. determination of star ratings). BauerFinancial, Inc. is not a financial advisor; it is an independent bank research firm. No institution can pay for or opt out of a BauerFinancial rating. Star-ratings are all available for free at bauerfinancial.com. BAUERFINANCIAL,

FL 33114

A Promise Made, A Promise Kept

U.S. Senate Federal Credit Union Officially Cuts Non-Sufficient Funds (NSF) & Overdraft Fees

Earlier this year, USSFCU announced plans to eliminate overdraft and non-sufficient funds [NSF] fees by the second quarter of 2023. As of April 17, 2023, members will no longer incur those fees on their accounts.

Overdraft and NSF fees were previously charged when a check, recurring debit card payment, or automatic payment was presented against a member’s account with insufficient available funds. This old practice has been replaced with USSFCU’s all-new Courtesy Pay Program (CPP). The new CPP Program provides a buffer for overspending without charging a fee. For complete program highlights, click here

“We made a commitment to our members that we would eliminate NSF and overdraft fees, and that is exactly what we have done,” stated USSFCU President and CEO, Timothy L. Anderson. “People helping people is at the core of what we do, and if eliminating this fee can help a family meet their financial needs, I am all for it.”

Earning income from fees and penalties has never been a major source of income or financial focus for the Credit Union. Not only does USSFCU earn less fee income than most banks, but they also earn lower fee income than many other financial service organizations. Learn more at ussfcu.org/courtesypay.

SEG SPOTLIGHT

“At Communities In Schools® (CIS), we surround students with a community of support, empowering them to stay in school and achieve in life.”

Introducing Communities In Schools

In 1970, the founder of CIS, Bill Milliken, came up with a great concept. He wanted to help public schools by bringing community resources where they could be accessible, accountable and coordinated. He is a firm believer that great relationships and mentorship change children. Not just programs. He once said, “A great program simply creates the environment for healthy relationships to form between adults and children. Young people thrive when adults care about them on a one-to-one level, and when they also have a sense of belonging to a caring community.”

Communities In Schools continues to grow within our communities and provide many volunteer opportunities for anyone that is interested in helping students at all levels with difficult classes, counseling, guidance and preparing them for life. CIS currently serves over 1.26 million students and their families in more than 2,700 schools in 28 states and the District of Columbia as well.

In November 2022, the United States Senate Federal Credit Union (USSFCU) partnered with CIS and hosted a toy drive for families that may struggle during the holiday season. Besides toys, the Credit Union encouraged its employees to provide school supplies as well.

In 2023, USSFCU has plans to volunteer and support their Career Day campaign. We want individuals to share their different career journeys to inspire students, answer any questions they may have regarding life and even help them decide what career to pursue through our testimonies.

The Induction

The African American Credit Union Coalition (AACUC) inducts USSFCU President & CEO Timothy L. Anderson into the African American Credit Union Hall of Fame.

United States Senate Federal Credit Union President and CEO Timothy L. Anderson was among seven credit union leaders honored at the 2023 African American Credit Union Coalition’s Hall of Fame Induction Ceremony held at the National Museum of African American History and Culture in Washington, D.C.

The African American Credit Union Hall of Fame honors credit union leaders for their distinguished contributions to the industry.

With the addition of the latest inductees, 63 graduates have been inducted into the Hall of Fame since 2008. More information on this year’s honorees is available at, www.aacuc.org/hall-of-fame.

“The African American Credit Union Hall of Fame is a prestigious recognition in our credit union movement because it honors those who have committed their years of service to advancing financial services and access to financial capital for people of color,” said Renée Sattiewhite, AACUC President/CEO.

The Hall of Fame was created to identify and honor African Americans instrumental in making changes in our communities. To be inducted you must have accomplished or achieved the following: provided more than 10 years of service in the credit union industry and made significant accomplishments that benefited African Americans’ and provided access to financial capital for communities of color.

Anderson joins emeritus board member Herbert ‘Bertie’ Bowman in the Hall of Fame. Bowman, inducted in 2020, is Capitol Hill’s longest-serving African American staffer and a long-time mentor of Anderson.

Anderson has a long history with USSFCU, serving as the EVP and Chief Retail Officer prior to assuming the role of President and CEO in 2019. He served on the USSFCU Board of Directors for over fifteen years in various capacities, including as Chairman of the Board. He began his career with USSFCU as the Branch Manager of the flagship Hart Senate location. Tim possesses over 30 years of senior executive and management experience at large banks and credit unions.

20 23 ANNUAL MEETING

The 2023 Annual Meeting of the members of the U.S. Senate Federal Credit Union (USSFCU) was held on May 24, 2023, at the Credit Union’s Bowman Headquarters in Alexandria, VA. In-person attendance was limited to the minimum number of credit union leaders, staff and members that were necessary to carry out the meeting according to the federal regulatory requirements of the National Credit Union Administration.

Members were invited to join virtually for a live stream of the meeting.

>> Rewatch the 2023 Annual Meeting <<

Recorded on May 24, 2023

Board Chair Jay Moore, and President/CEO Timothy Anderson review highlights from 2022:

While each year is a new opportunity to make a difference in the lives of our members, 2022 was especially successful and profitable. With all the news of inflation, rising interest rates, supply chain shortages, challenging economic times, and calamities abroad, the Credit Union remained focused on taking care of the financial needs of our members. Christopher C. Dey, Deborah Yarborough, and Anthony J. “Tony” Zagami retained their Board seats for another term. All were nominated to the Board by the Credit Union’s Nominating Committee in February 2023, to fill the three expiring terms under the Credit Union’s Board-established election schedule. There were no other nominations and no petitions for nomination; therefore, pursuant to Section 2 of Article VI of the Credit Union’s Bylaws, there was no election for 2023. The Nominating Committee Chair, Judy Rainey, declared the nominees elected by general affirmation at the Annual Meeting held Wednesday, May 24, 2023.

Less than a month before the Annual Meeting & Board of Directors Election, we lost our colleague, friend and longtime Board Member, Christopher C. Dey. Mr. Dey passed away Wednesday, May 3, 2023 with his family by his side.

On June, 22, 2023, the Board of Directors nominated and elected Danielle McLean to fill the open Board of Directors seat.

USSFCU 2023 Board of Directors

Jay Moore Chairman

Anthony J. “Tony” Zagami Vice Chair

Ileana Garcia Treasurer

Joe Eckert Director

Judy Rainey Director

Christopher D. Shunk Director

Danielle McLean Director

Margaret P. “Margo” Rushing Director

Deborah Yarborough Director

IN MEMORIAM

Christopher C. Dey August 15, 1951 – May 3, 2023

“It’s with great sadness that I announce the passing of our friend and fellow Board Member, Chris Dey. I worked with Chris for over 20 years at the Senate Sergeant at Arms where he served as CFO. It was there that I was first introduced to Chris’ unparalleled financial expertise. Chris served on this credit union Board for 21 years and was invaluable as a Director. Chris’ financial knowledge and attention to detail were unsurpassed. He was dedicated to serving this credit union and his first priority was service to our members. Chris Dey’s passing is a huge loss to many of us personally and to the Credit Union Board. Please keep his family in your prayers.”

Mr. Dey assumed the role of Chief Financial Officer at the U.S. Senate Office of the Sergeant at Arms in June of 1992, a position he held until his retirement in August of 2017, after 25 years of service. He had also served as a member of the U.S. Senate Federal Credit Union Board of Directors since 2002. During his time on the Board, he served as Chairman, Vice Chairman, and Treasurer, as well as serving on numerous volunteer Board committees.

We are thankful for his outstanding leadership, friendship, guidance, and wisdom. He will be greatly missed by the USSFCU family, the credit union industry, and his community.

—Jay Moore, USSFCU Board Chair 2023 USSFCU Annual Meeting

USSFCU Achieves Nine (9) Culture Badges with 2022 Top

Workplaces Survey

Culture Badges highlight the strongest attributes within a company’s workforce. A company earns one each time employee survey scores for a particular statement rank in the top 25% of similar organizations. Through participation in 2022’s Top Workplaces Survey, USSFCU was awarded 9 out of 12 culture badges.

Here’s Where USSFCU’s Company Culture Excels:

CLUED-IN EMPLOYEES

Employees feel well-informed about important decisions being made within the organization.

STRONG VALUES

Employees believe that USSFCU operates by strong values.

OPEN MINDED

Employees believe USSFCU encourages different points of view.

LEADERS IN-THE-KNOW

Employees believe senior managers know what is really happening at USSFCU.

INNOVATION

Employees believe new ideas are encouraged at USSFCU.

EMPLOYEE APPRECIATION

Employees feel genuinely appreciated at USSFCU.

CROSS-TEAM COOPERATION

Employees believe there is good inter-departmental cooperation at USSFCU.

COMPANY DIRECTION

Employees believe USSFCU is going in the right direction.

WORK LIFE BALANCE

Employees have the flexibility they need to balance their work and personal life.

Check Out Our Podcast:

USSFCU SPOTLIGHT

We are shining a spotlight on people making a difference in their communities, industries, and organizations. These conversations range from community leaders to policymakers to everyday folks doing extraordinary things to make this world a brighter place to live.

ussfcu.org/spotlight

SEASON ONE

Episode 1 — Senator Ron Wyden

Oregon Senator Ron Wyden discusses the credit union business model, equalizing financial opportunity and the advantages of nonprofit financial services.

Watch | Listen

Episode 2 — Herbert “Bertie” Bowman

From sweeping the steps to working in the Capitol barbershop and ultimately rising to hearing coordinator for the U.S. Senate’s Foreign Relations Committee, USSFCU Board Member Emeritus and Capitol Hill Icon, Bertie Bowman reflects on over seven decades of Senate service.

Watch | Listen

Episode 3 — Nicole McGrew

This episode spotlights entrepreneur, business owner, Master Gardener and most recently, the newly appointed Board Chair for the Alexandria Chamber of Commerce - Nicole McGrew.

Watch | Listen

Episode 4 — Secretary of the U.S. Senate Ann Berry

Sworn in as the 34th secretary of the United States Senate on March 1, 2021, Sec. Berry is the first African American to serve in this position and the eighth woman to hold the office. USSFCU President and CEO, Timothy Anderson sits down with Sec. Berry in celebration of Women’s History Month.

Watch | Listen

Episode 5 — U.S. Senate Chaplain Barry C. Black

Chaplain Barry C. Black discusses his recently released children’s book, A Prayer for Our Country: Words to Unite and Inspire Hope. Chaplain Black shares his inspiration for the book and his life’s journey from “unpromising beginnings” to becoming the U.S. Senate Chaplain.

Watch | Listen

Episode 6 — U.S. Capitol Police Chief J. Thomas Manger

The month of May is set aside to honor officers who have lost their lives in the line of duty. The month is also significant to the U.S. Capitol Police in that May 2, 1828, was the founding day for the force. It was a great privilege to interview U.S. Capitol Police Chief Tom Manger in honor of this month.

Watch | Listen

MEMBER S ’ VO ICE MEMBER S ’ VO ICE

Member comments from our member satisfaction surveys. YOU

SPEAK. WE LISTEN.

“USSFCU is one of the best financial institutions I’ve ever dealt with as regards Customer Service. Really top notch, right up there with USAA.”

• Katie W. | Carlsbad, CA

“USSFCU has offered me financial stability over the years that I could not find anywhere else, but the very first loan I took was a consolidation loan for 7,000.00 which was a very large sum for me at the time. I was able to pay it off in a timely fashion and was free and clear of all my creditors. This action afforded me the ability to save money, which ultimately led to buying my first home, saving for my kids, buying safer cars to move those kids around. I do not forget the people or institutions that have helped me obtain the financial security I enjoy today.”

• David W. | Washington, DC

“The members of the IRA department are all exceptional professionals who genuinely care about quality and responsive service, ensuring exceptional customer experience. In particular, Mary and Jessica are both amazing banking professionals with great experience and knowledge to properly assist customers. USSFCU is clearly superior to many other [credit unions]. Quality customer care is obviously a deep part of USSFCU’s culture and is demonstrated through their actions and communications with customers.”

• Wilfred J. | Corral Springs, FL

“Honestly my transaction was so seamless with you I can’t even think of an improvement. I would love to give a shout out to Priscilla, she went so above and beyond it made my experience with USSFCU amazing. I am in the mortgage industry, and it is so refreshing to find people in our industry that truly care about the people on the other side of the transaction”

• Cecilia W. | Palestine, TX

“I’m completely satisfied with the USSFCU. When I’ve talked with someone about a problem, they were kind and helpful. When I’ve asked a question online, it was promptly answered and solved. Great people.”

• Charlene M. | Fredericksburg, VA

small business SPOTLIGHT

This edition of our Small Business Spotlight shines on Aldo’s Italian Kitchen in Alexandria, Virginia!

This local and welcoming restaurant serves authentic Italian food and is owned by an authentic Italian.

Emanuele Cognetti, the owner, was born near the northern Italian city of Parma; famous for its Parmesan cheese and Parma ham. His grandfather, Andrea Cognetti, owned a deli and a dairy farm. He employed his sons, including Cognetti’s father, Aldo, for whom the restaurant is named. Surrounded by Italian food all his life, Cognetti brings Italy to Alexandria by way of Aldo’s Italian Kitchen.

“I’ve been in the business since I was a baby, around kitchens and food,” Cognetti said. “When I was a little boy, I would help out by rolling wheels of cheese, slicing the cold cuts, and making the prosciutto and salami.”

Cognetti was a cook in the Italian Army, attended culinary school, and then worked as a waiter for an Italian cruise line. He traveled extensively in Europe and the Caribbean before settling into the New York City restaurant scene in the early 1980s. Cognetti eventually moved to the Washington, D.C. area where he continued working in restaurants and later became a manager at Roberto Donna’s flagship restaurant, Galileo. He then opened Barolo Ristorante with Donna and  Enzo Fargione. After it closed, he was the manager for A La Lucia for several years. He later opened Aldo’s Italian Kitchen, which has successfully been in business for over eight years.

The journey from rolling Parmesan in a little town in Italy to owning a restaurant in the U.S. has been long, but he feels blessed, grateful and fulfilled. Cognetti says that his heart will always be in Italy, but his home is here.

Stop by during Alexandria Restaurant Week 2023, August 18–27, AlexandriaRestaurantWeek.com.

Aldo’s Italian Kitchen

2850 Eisenhower Ave, Alexandria, VA 22314

Learn more about this business at www.aldositaliankitchen.com.

Images (left to right): Emanuesle Cognetti holding a photo of his father, Aldo Cognetti, Exterior of Aldo’s Italian Kitchen, Chicken Parmesan, The Godfather, Margherita Pizza, and Cannoli

CONGRATULATIONS

to our mortgage team for receiving the Credit Union Mortgage Association (CUMA) Double Titanium Award

The CUMA Double Titanium Award recognizes our team for 1st place, producing over $67 million in mortgage loans in 2022.

Beyond the numbers, the CUMA Double Titanium Award signifies that the USSFCU Mortgage Team is the best of the best, consistently performing at a high level and continually providing great service experiences that compel members to want to do business with us again and again.

THE CORNER

Home Loans After-Hours Event at The Credit Union House | April 2023

Central Valley Habitat for Humanity Golf Tournament | May 2023

Appreciation to the City of Alexandria PD | May 2023

Horton Career Fair | May 2023

Weekly

Home Equity Loans & Lines of Credit

Everything you need to know to fund your goals with a USSFCU Home Equity Loan or Line of Credit.

How To Pay for College

Learn more about the financial aid process, student loan options, and the timeline for student loans.

Strategies for CD Savers

Tips for utilizing share certificates in your savings strategy.

Buying

A roadmap of the steps you will take on your journey to becoming a homeowner.

Steps to Financial Freedom

Creating a budget, using credit wisely, and other strategies for financial success.

Teaching Kids About Money

Practical tips on how to start setting your child up for a financially healthy future.

Your Financial Future

Prepare for the best-case and worst-case financial scenarios.

Avoid common traps that can compromise your personal information online.

Gold Source Checking $100 Bonus

Earn dividends while you're spending with our premium dividend-bearing checking account.1

Summer of Saving

Money Market $100 Bonus

The more you save, the more you earn with tiered dividend rates on balances of $2,000 or more.2

Share Certificate $200 Bonus

Lock in an incredible rate on a certificate with a minimum 24-month term and at least $5,000.3

ussfcu.org/summer

*Limited time offer valid between 07/01/2023 and 09/30/2023. Make the qualifying deposit within 30 days of account application to earn your bonus. After an account is opened or service begins, it is subject to its features, conditions, and terms. Account terms, conditions and minimum balance requirements must be maintained for six consecutive months to qualify for bonus. Additional terms and conditions apply.**

1. Gold Source Checking Accounts are subject to approval, with Visa® Debit Card. The minimum deposit required to open a Gold Source Checking Account is $2,000. Minimum balance requirements must be maintained for six consecutive months to qualify for this bonus. Gold Source Checking Account Yield .05% APY ***

2. Money Market Accounts are subject to approval. The minimum deposit required to open a Money Market Account is $2,000. Minimum balance requirements must be maintained for six consecutive months to qualify for this bonus. Gold Money Market Account Yield 1.26% –1.66% APY ***

3. A minimum balance of $5,000 and a term of at least 24 months required. Certificate terms and balance requirements must be met for six consecutive months to qualify for this bonus. Early withdrawal penalties apply. A 24-month term share certificate with a balance of $5,000 will earn 5.18% APY. A 24-month term share certificate with a balance of $200,000+ will earn 5.28% APY. ***

** Offer not valid for existing or prior savings accounts. Maximum bonus eligibility is $400. Eligibility is based on primary account owner. Account must be open when bonus is credited. Accounts that fail to meet minimum qualifying deposit and/or funding criteria within 30 calendar days of submitting initial account application will not qualify. Accounts that do not meet or exceed daily balance requirements for 186 consecutive calendar days beginning on the first day of account funding will not qualify. Accounts that do not meet and maintain standard USSFCU membership requirements during qualification will not receive any bonuses advertised in this promotion. All account applications are subject to approval. Bonus will be credited to the account within 60 business days of the account qualifying for the bonus. Bonus offers end 09/30/2023, 11:59 PM ET. Account application must be submitted during promotional period to qualify. Offer may be modified or withdrawn without notice and cannot be combined with any other promotional offer. USSFCU employees, managers and board members are not eligible for this promotion. Any taxes due on the bonus deposit are the sole responsibility of the recipient.

***Rates effective as of 06/01/2023 and are subject to change without notice. View current rates at ussfcu.org/rates. Fees may reduce earnings. View Fee Schedule at ussfcu.org/fees or call 800.374.2758.

Membership eligibility required. This credit union is federally insured by the National Credit Union Administration.