USSFCU Spotlight | Special Edition 2020

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85—A YEAR LIKE NO OTHER Pg. 4

85TH MESSAGES & MEMORIES Pg. 16

A YEAR-END FINANCIAL CHECKLIST Pg. 11

Serving Our Members Since 1935

USSFCU BOARD MEMBERS Ileana Garcia, CPA Chairman

Christopher D. Shunk

Chairman Emeritus

USSFCU EXECUTIVE MANAGEMENT

Timothy L. Anderson President & CEO

Heather Mansour SVP, Human Resources & Training

Tom Wacker Vice Chair

Christopher C. Dey

Secretary/Treasurer

Margaret P. Rushing Director

Kathy Dalfrey

Senior VP/Chief Financial Officer

Omar Ramsay

Chief Risk Management Officer

Bertie Bowman Director

Judy Rainey Director

Jeff Smith

Chief Lending Officer 2 | ussfcu.org

Mark Fournier Chief Information Officer

Anthony J. Zagami Director

Jay Moore Director

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85 Years of Serving the U.S. Senate Community Dear Valued USSFCU Members, How It Started: As we celebrate 85 years of serving the U.S. Senate community, we pause and look back on how it all began. During the height of the Great Depression, Congress passed the Federal Credit Union Act, which was signed into law by President Franklin D. Roosevelt, to create the Federal Credit Union System. This paved the way for better access to financial services for consumers looking for an alternative to banks. Nine individuals at the United States Senate, investing $5 each, pooled their resources and with only $45 chartered the United States Senate Federal Credit Union (USSFCU).

Since our inception, we have overcome many challenges. On this 85th anniversary, we are very proud to report another strong year of fiscal responsibility, which encompasses growing assets, strong capital and increased loans to our members.

Over the years, we’ve consistently provided affordable financial services to our members and their families, while effectively and prudently managing the Credit Union’s financial statements. As we continue to expand, we will perpetually measure our growth with solid financial oversight.

How It’s Going: At the end of the third quarter, our Net Worth to Assets ratio was 9.22%, which more than exceeds the 7% well capitalized standard required by our Federal regulator, the National Credit Union Administration (NCUA). Additional financial highlights as of October 31, 2020 include: • Total Assets over $1.1 billion • Loans to members exceed $762 million • Shares (member deposits) over $995 million • Total loans to total shares ratio at 76.81% As we celebrate this milestone anniversary, we are mindful of the global coronavirus (COVID-19) pandemic affecting the country and our members. We aided members and businesses suffering from job losses and closures by offering loan deferments, modifications, fee waivers and other mechanisms to deal with hardship. Our motto of “People helping People” is more than a slogan—it is a bedrock principle we have lived for 85 years!

Finally, while uncertainties with the economy still exist, the Credit Union is committed to the vision proffered by our founding organizers of being a one stop shop for all your financial needs. Over the last 85 years, we have seen many economic downturns, and each time we weathered the storms, stood sturdy with our members and emerged stronger. With our collective efforts of working together, we are confident your Credit Union will continue to grow and prosper.

Timothy L. Anderson USSFCU President and CEO

Ileana Garcia

USSFCU Board Chair

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A YEAR LIKE NO OTHER

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2020 began like any other year, but as the world would soon discover, it would be anything but that. The trials and hardships faced by the nation and the world has and continues to disrupt lives and leave many broken—while also shining a light on those who courageously work to help their fellow citizens. The circumstances of this year harken back to the time and place when USSFCU was founded, 85 years ago. The Great Depression devastated the nation and Americans across this country were left with nothing and no prospects for the future. The Credit Union was born out of this difficult time to provide access to financial services and resources that would help people rebuild their lives. To truly appreciate what reaching 85 years means, one must first understand how the United States Senate Federal Credit Union got here.

85 YEARS AT-A-GLANCE

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n October 8,1935, at the height of the Great Depression, nine United States Senate employees pooled their resources and chartered the United States Senate Employees Federal Credit Union with just $45.00. Their goal was to create an organization that would provide equal financial opportunity to everyone in the U.S. Senate community. Therefore, anyone who was employed by the U.S. Senate, whether a committee member, staffer, Senate Member, custodian etc., would be afforded equal access to the same financial services and resources.

The following names are the nine organizers, as listed on the organization certificate:

» Charles E. Alden, Assistant Custodian, Senate Office Buildings » Mack D. Chestnutt, Staff of Senator Bachman (Tennessee) » Blaine S. Hollimon, Jr., Senate Committee on Public Buildings and Grounds

» William E. Howard, Office of the Secretary of the Senate and Staff of Senator Costigan (Colorado) » Harry E. Cain, Office of the Secretary of the Senate » Edwin L. Swope, Staff of Senator Hatch (New Mexico) » J. M. Henderson, Office of the Secretary of the Senate » D. Roland Potter, Senate Committee on Military Affairs » Morris Sheppard, U.S. Senator, Texas Initially operating out of an office in the Russell Senate Office Building, United States Senate Employees Federal Credit Union enjoyed decades of continuous membership and revenue growth. From 1936 to 1970, the Credit Union’s Assets grew from $243.21 to $3 million. During this time, the Credit Union also opened its membership up to include employees from the Architect of the Capitol and the U.S. Supreme Court. Throughout the recession of the 1970s, USSFCU was one of the very few credit unions that continued to make loans throughout the entire period and maintain its dividend (interest) payments on share

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(savings) accounts. The Credit Union was determined to keep its doors open and remain operational to serve its members throughout that economic crisis.

In October of 1983, the Credit Union branch and operations would expand, moving into the newly constructed Hart Senate Office Building. A ribbon cutting ceremony was held on October 25, 1983, with Sen. Richard Lugar officiating the dedication of the new facility. By its 50th Anniversary in 1985, USSFCU was serving over 15,000 members.

By its 65th Anniversary in 2000, USSFCU’s Assets had reached $204 million and its membership stood at over 28,000. This decade proved to be filled with periods of expansion as USSFCU recruited close to 100 new employee and member groups to its ever-expanding field of membership. In 2002, USSFCU’s third branch opened on Eisenhower Ave. in Alexandria, VA. Then in 2005, a new call center and business continuity facility opened in Central Virginia to support USSFCU’s member services and to serve as a backup operations center in the event of a natural disaster.

Sen. Richard Lugar//Wikimedia Commons, Public Domain

The success of our Credit Union reflects the wisdom, diligence and dedication of a great number of people from the Senate community and deserves the support of every Member and employee of the Senate, the Architect of the Capitol and the Supreme Court.”

—Senator Richard Lugar (R-IN), 1977–2013 In the following years, a name change to United States The 2000s were also filled with difficulty and trying times.

Senate Federal Credit Union (USSFCU) in 1990 and Economic difficulties followed the tragic terrorist attacks mergers with three other federal credit unions—the on the World Trade Center and Pentagon. Then, later in Government Accountability Office Federal Credit Union that decade, the Great Recession hit in 2007, bringing (GAOFCU), the District of Columbia Unemployment the nation’s economy, stock market and credit rating to Federal Credit Union (DCUFCU) and American Trucking all-time lows. People needed help and USSFCU shined Association Federal Credit Union (ATAFCU)—helped during these trying times, as they were able to assist USSFCU achieve dramatic growth into the new centumembers and help them weather these economic storms. ry. The merger with The recovery was slow; but GAOFCU specifically in the same manner that added 2,700 new the founders came together USSFCU members, during the Great Depresenabling the opening sion, this generation would of a second full-service as well and lead USSFCU USSFCU branch in the and its members to better GAO Building at 441 days.

G Street, NW. During this time of growth and The 2010s saw a gradual expansion, the headrecovery from the economic quarters moved from downturn of the previous the Hart Senate Office decade, followed by one of Building on Capitol the largest growth periods Hill to a new facility on record for USSFCU. A located in Alexandria, combination of growth and VA. This new facility expansion in the region, in would be dedicated to addition to strategic relationlongtime board memship development with select U.S. Capitol Construction of the Hart Senate Office Building//Wikimedia Commons, Public Domain ber and one of those in employee groups, yielded attendance at the organization meeting on October 8, multiple double-digit growth periods toward the end 1935—J. Lewey Caraway. of the decade.

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order to protect their employees and members from the increasing threat of the virus. A Crisis Management team was assembled and a plan was laid out to move the entire USSFCU workforce to working remotely.

On Wednesday, March 18, USSFCU launched its official first day as a predominantly remote work organization. All branches closed their doors except one, keeping the drive-thru open a few hours per week. The Member Services Contact Center all logged on from their homes and began taking member calls without missing a beat.

I am really proud of how our In 2019, USSFCU, in conjunction with the Senate Foreign Relations Committee, held a reception in honor of teams were able to pull this off. Our call longtime Senate staffer and USSFCU Board member, center representatives are set up remotely, so Bertie Bowman. The reception was to be the official they’re taking calls from their homes. The loan announcement and dedication ceremony of USSFCU’s new headquarters building in Alexandria, VA as the Bertie operations folks are receiving applications.

H. Bowman Building. USSFCU wrapped up the year with ACH, support services and marketing are a groundbreaking ceremony and the Bertie H. Bowman Building was officially under renovation. The Credit Union doing their jobs. You name it, HR and payroll finished 2019 strong and rang in the New Year—and are doing fine, every single department. We a new decade—by reaching another major milestone.

USSFCU had crossed the $1 billion mark in Total-Assets. have not missed a beat. I never thought I’d see something like this.”

Very early in 2020, there were reports of a virus wreaking havoc in the Chinese city of Wuhan. The COVID-19 coronavirus would make its way around the globe, significantly affecting the health, livelihoods and economies of almost every nation. The United States would become one of the countries impacted most by the virus. USSFCU and its members once again found themselves facing a crisis that would have an impact for years to come. 2020 would mark USSFCU’s 85th year—and a year no one would forget.

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2020

n January 20, 2020, the first recorded case of COVID-19 was reported in Washington State. By March 17, every state had a recorded case and

by April 13, a recorded death. In mid-Februar,y USSFCU knew that it had to take action to prepare for the worst in

—Timothy L. Anderson USSFCU President & CEO The Crisis Management team met their goal and provided a safe & healthy work environment for both their colleagues and members. They continue to refine and expand on making the system run more smoothly, efficiently and at a greater capacity. USSFCU successfully moved to remote work with over 90% of staff online in a matter of weeks. Another remarkable action taken is the Credit Union recognizing essential employees who physically had to come into the office or branches at the beginning of the COVID-19 crisis during the stay-at-home mandates.

USSFCU compensated these essential employees with supplemental pay.

All of these measures put in place allowed USSFCU to continue serving their members during these difficult times.

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and penalties, a special Relief Loan and a modified Signature Loan with a 90-day “No-Pay” option are a handful of ways USSFCU continued to support its members during the COVID-19 pandemic crisis.

“What has been so rewarding,” said Anderson, “is how we have all pulled together during these very trying times.

Everyone has a shared goal and is working together. I’d say during these times, as people are isolated in their homes, I have the feeling we’ve never been closer. This terrible event has brought us all closer.”

900 members received COVID-19 relief from the Credit Union by granting 90 or 180-day deferments on their loans. Many members had multiple loans, bringing the total closer to 1,200 loans with over $50 million in balances. USSFCU waived late fees for Visa® cardholders, totaling $46,000 over 3 months; an average of over $15,000 per month. The Credit Union also reversed an additional $10,000 in loan late fees and close to $38,000 in Non-Sufficient Funds (NSF) fees from March to August.

USSFCU also participated in the second round of the PPP loan program, providing much needed financial assistance to the small businesses in our communities.

The Credit Union processed 52 PPP loan applications, of which 100% were funded, for a total of $1,126,735.

The total number of jobs that were saved by these loans was 112. To--date, as of the printing of this article, all of the businesses funded by USSFCU are still in business.

Additionally, USSFCU implemented its PPP program with no added expense to the Credit Union.

USSFCU is now entering the forgiveness phase of the PPP program. The Credit Union will once again be assisting its members, as this process is even more complicated and if not done correctly, can actuallly cost our members thousands of dollars.

USSFCU will continue to work remotely until there is new guidance from the CDC, federal, state and local officials.

While this new way of doing business had some growing pains, it has also created more organizational flexibility and pulled this Credit Union and potentially many others into what could very well be the new way of working.

USSFCU’s Human Resources department eagerly continues to engage managers and staff working remotely through training opportunities, sending encouraging daily messages and proactively reminding managers to positively communicate often with their teams; all teams continue to remain strong.

During these critical times, the CU’s culture and engagement are essential for employees to successfully support our members. The best way to do this during a crisis is to keep their spirits up, communicate effectively and take the time to really care, both personally and professionally.”

—Heather Mansour SVP, Human Resources & Training In the midst of a global pandemic and an economic downturn, the nation was also confronted with numerous tragic incidents highlighting social injustice and discrimination. USSFCU along with the National Credit Union

I am very delighted that we could assist our members’ businesses and the great job our team did in providing much needed guidance to these members.” —James Ruley, Vice President of Member Services

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Administration (NCUA), the Credit Union National Association (CUNA) and others in our industry called for peace, healing and justice for our nation and all its citizens.

The credit union motto of ‘People helping People’ is a bedrock principle for our institution. Discrimination, inequity and exclusion are contrary to this principle and the basic principle of humanity. At USSFCU, we stand with our members, employees and volunteers against systemic racism and all forms of injustice.

We support an environment of diversity, equity and inclusion (DEI).”

—Timothy L. Anderson USSFCU President & CEO This year, the nation, the world and the USSFCU family have experienced heartbreak; still, there have also been great moments of hope. One thing is certain, the USSFCU family is resilient and has shown that they can weather the many different storms of life when they do it together.

FULL CIRCLE

It turns out that USSFCU’s 85th year is not so different than its first. The Credit Union came together in the face of very uncertain times for the greater good of their community. In the U.S. Senate community tradition of service, USSFCU will always make it their mission to strive to improve the financial wellness of their members throughout all stages and circumstances of life by integrating sustainability and security into every financial solution. USSFCU has grown and changed over the years, but their vision remains ever steadfast: USSFCU will always strive to deliver top-tier financial solutions and service with a unique culture of working “Better Together.” They will do this by staying grounded in USSFCU’s core values of security, teamwork, respect, integrity, innovation and engagement. Most of all, their primary focus will never be on the bottom line or asset size to measure success. Everything USSFCU does begins and ends with one thing—its members. Taking care of their members is at the heart of everything the Credit Union does. It has been that way for 85 years and it will remain the same for the next 85. USSFCU would like to thank all of its members who have made these past 85 years so incredible. ussfcu.org | 9

GO CONTACTLESS!

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Make Holiday Spending Easier, Safer & Quicker.

NO Cash—NO Physical Cards—NO Physical Wallets Use your USSFCU Debit and/or Credit Card(s) with your Mobile Wallet to make your holiday transactions easier, safer and quicker.

Haven’t Enrolled in Mobile Wallet?

Learn how: USSFCU.ORG/MOBILEWALLET Cardholder must activate each payment service before paying with their mobile device. Visit ussfcu.org/mobilewallet for more information on activation, device requirements, terms and conditions or call 800.374.2758. Merchant participation required. USSFCU is not the provider of the mobile wallet, and is not responsible for providing the mobile wallet service to you.

You must contact your mobile wallet provider for minimum hardware and software requirements; or for questions, disputes or complaints about the mobile wallet. USSFCU can terminate, change, add, or delete any terms, at any time. Android™ and Google PayTM are trademarks of Google Inc., Apple Pay® is a trademark of Apple Inc., and Samsung Pay® is a trademark of Samsung Electronics Co., Ltd., registered in the U.S. and other countries.

Membership eligibility required. Federally insured by NCUA.

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A Year-End Financial Checklist Presented by Fellows Financial Group As tempting as it may be to take your foot off the pedal and just enjoy the holiday season, there are several financial items that may need your attention prior to year end. After all, you don’t want to lose money, pay penalties or incur any additional taxes unless you absolutely have to.

As the end of the year approaches, here are some financial tasks to consider adding to your to-do list.

Manage Your Investments Consider a Roth conversion. With a Roth conversion (December 31, 2020 deadline), you’ll convert pre-tax IRA money into nontaxable Roth IRA money. You’ll be taxed on the conversion amount as ordinary income, but all future gains and distributions within the limitations won’t be taxed. This makes the most sense to do if you’ve had a down year income-wise.

Review any tax losses. If you have losing stock positions, consider selling them to offset gains and reduce taxable income. Remember: the IRS only allows $3,000 in capital losses per year.

Max out contributions. If possible, ensure that you max out contributions to 401(k)s, IRAs (not due until April 15, 2021), SEPs (due April 15, 2021 or extension deadline), Simple IRAs (April 15, 2021 deadline) or other qualified accounts.

Reevaluate your marginal rate for municipal bonds. Many people could be in lower brackets in a post Tax Cuts and Jobs Act (TCJA) environment, which means that the after-tax benefit of municipal bonds could be lower relative to the after-tax benefit of other bond alternatives. Discuss your expected marginal tax rate with your tax preparer and adjust your portfolio going forward.

Watch out for mutual fund distributions. Mutual funds distribute capital gains distributions toward the end of the year.

If you’re buying into a fund late in the year, check to see if they’ve already made the distribution. You don’t want to essentially buy someone else’s large capital gains distributions.

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Make Charitable Donations Donate to an organization that’s close to your heart. The benefits are twofold: You will reduce your taxable income and feel good about giving some of your hard-earned dollars to a good cause.

Prepay charitable gifts. Thinking ahead about next year’s charitable gifts may allow for a larger tax deduction this year—if you pay out the money this year, of course.

Review Insurance Policies & Benefits Review your home, auto and life insurance policies to determine if you have enough coverage or if deductibles need to be adjusted.

Reviewing homeowners insurance. Homeowners insurance rates can fluctuate due to crime and bad weather near your home, which can have a negative impact on rates.

Also, have you accumulated many more possessions since the time you purchased your policy? If so, you might want to reevaluate your homeowner’s insurance policy to be sure it covers everything of value.1 Reviewing auto insurance. Every state has minimum car insurance requirements—and you might need just the minimum coverage. However, make sure your coverage equals your total assets (your house, car, savings and investments) in case the costs related to the accident exceed your coverage limits—and your assets are seized to pay for them.

Your auto insurance might include liability coverage, bodily injury liability (BIL), property damage liability, personal injury protection, uninsured/underinsured motorist coverage, collision and comprehensive. Review the types of coverage your state requires and read up on potential rates and discounts or work with a professional to get an affordable rate.2 Spend any leftover funds in your Flexible Spending Account (FSA). An FSA is a special tax-free account in which you can contribute money that will pay for services that your health care coverage doesn’t cover. Be sure to check with your benefits office to find out the deadline for using the money in this account so that it doesn’t go unused.

Consider the benefits of saving money in a Health Savings Account (HSA) instead if you have a high deductible health insurance plan. An HSA offers triple tax benefits in the form of tax-deductible contributions, tax-deferred growth and taxfree withdrawals when you use the money to pay for qualified medical expenses. And compared to an FSA, you don’t have to spend the money in your HSA down each year, meaning you can allow it to grow over time until you need it.

Review Your Estate Plan

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Ensure your overall estate plan, including your will, trust and health care power of attorney, are current.

Update your beneficiaries on your retirement accounts and insurance policies. Make any needed updates to the beneficiary portion of your bank accounts, retirement accounts, life insurance policies and annuities. Choosing a beneficiary for your life insurance policy is a decision you should consider carefully. This is important because beneficiaries trump who’s named in a will.3 To help you keep track of your beneficiaries, write down their names along with the date when any updates were made. Also, be sure to name a contingent beneficiary in case your primary beneficiary passes away. Store this document in a binder and review it annually.

Don’t forget to name a beneficiary on your IRA so that it doesn’t have to pass through your estate. This could result in an unintended beneficiary getting paid or your heirs could miss out on important tax advantages.4

The Effects of the CARES Act Understand the impact of that stimulus check. The CARES Act directed the IRS to issue stimulus checks of up to $1,200 per taxpayer and $500 per qualified child dependent, earlier this year. The payments were paid based on 2018 or 2019 return information, but are actually structured as advances of 2020 tax credits. The credits phase out for higher-income taxpayers, so taxpayers want to understand the implications if the check they received based on 2018 or 2019 won’t match the amount of credit they will calculate on their 2020 return. If the 2020 credit calculation is less than they received, there is no clawback. If they received less than the credit calculated for 2020, they can claim it as an additional refund.

Make up a tax shortfall with increased withholding. COVID-19 created cash-flow problems for many individuals.

Taxpayers should make sure their withholding and estimated taxes align with what they actually expect to pay while they have time to fix a problem. If they find themselves in danger of being penalized for underpaying taxes, they can make up the shortfall through increased withholding on their salaries or bonuses. A larger estimated tax payment at the end of the year can still expose them to penalties for underpayments in previous quarters, but withholding is considered to have been paid ratably throughout the year, so increasing it for year-end wages can save them in penalties.

Leverage low interest rates and generous exemptions before they’re gone. The historically low interest rates and lifetime gift and estate tax exemptions present a powerful estate-planning opportunity. Many estate and gift tax strategies hinge on the ability of assets to appreciate faster than the interest rates prescribed by the IRS. In addition, the economic fallout of COVID-19 is depressing many asset values. There’s a small window of opportunity to employ estate-planning techniques while interest rates are still low and the lifetime gift exemption is at an all-time high. The current gift and estate tax exemptions are set to expire in a few years, and a new administration in the White House could accelerate that timeline.

Be Mindful of Age Milestones Over 50: You are now eligible to make a “catch-up contribution” to your IRAs and some qualified plans (401(k), etc.).

Over 55: You are now eligible to Over 59.5: You are now eligible take certain types of distributions to take an IRA distribution from your old 401(k) plans without a 10% penalty. without penalty.

Over 62: You are now eligible for Social Security.

Over 65: You are now eligible for Medicare. If you sign up late, you could face a 10% penalty.

Over 70.5: Don’t forget to take your required minimum distribution (RMD). Starting the year that you turn 72, the IRS requires that you withdraw at least a minimum amount from your traditional Individual Retirement Arrangement (IRA) account annually. If you fail to withdraw the required amount by the withdrawal deadline each year, you could face a steep tax penalty.5 ussfcu.org | 13

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So, as you plan your retirement budget, consider where RMDs fit in and how much money you’ll need to withdraw to avoid a penalty. Remember, you may be able to avoid taking RMDs from a 401(k) plan if you’re still working for the employer that owns the plan.

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70.5 (70 ½) in 2019 and took their first RMD in 2020.6

Investing in Your Children Open new accounts for your children and/or grandchildren to maximize savings.

• Open Roth IRA or traditional IRA accounts for children and/or grandchildren, who have had earned income.

Child IRA assets are non-assessable on the FAFSA for student aid eligibility. You don’t necessarily have to put the money they’ve earned into the Roth IRA or IRA; you can let them spend the money they’ve made and then redirect other money that’s going toward college savings into a Roth IRA.

• Consider 529 contributions for your children, grandchildren and/or yourself. If you already have children,

opening a 529 is simply a must to begin saving for those college years. People without children can also open 529s for themselves and change the beneficiary once they have children. This maximizes the amount of time of tax-free compounding in the accounts. 529 accounts under the Tax Cuts & Jobs Act (TCJA) can now also be used for secondary school expenses, which makes them even more valuable for parents with children in private school.

Seek the Help of a Professional The most important decision you can make as the year ends is to speak with a financial professional to ensure everything is in order with your overall financial situation. There is still time left in the year to act if needed, but time is quickly running out.

If you would like a year-end review of your financial situation, or if you have questions regarding year-end strategies, contact our partners at Fellows Financial Group by phone or email.

571.205.1515 | fas@ussfcu.org Through our partnership with Fellows Financial Group, all USSFCU members have access to investment management and financial planning services.

Sources: 1. “Homeowners Insurance Buying Guide,” consumerreports.org, July 24, 2019.

2. “How Much Car Insurance Do You Need?,” policygenius.com, October 24, 2019.

3. “Why Beneficiary Designations Override Your Will,” thebalance.com, October 18, 2018.

4. “Time to Review Beneficiary Designations,” fedweek.com, January 4, 2018.

5. IRS.gov: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds 6. IRS.gov: https://www.irs.gov/newsroom/irs-seniors-retirees-not-required-to-take-distributions-from-retirement-accounts-this-year-under-new-law Disclosure: The content on thiese pages provides general consumer information. It is not legal advice or regulatory guidance. We do not endorse or guarantee the accuracy of third-party information.

Fellows Financial Group does not provide specific legal or tax advice. Please consult with your tax advisor or legal professional for guidance with your individual situation. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Wealthcare Advisory Partners a registered investment advisor. Wealthcare Advisory Partners and Fellows Financial Group LLC are separate entities from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: CA, CO, DC, GA, FL, HI, IA, MD, MT, NC, OH, PA, VA, TX, WV. Personal and Commercial insurance services are offered through Fellows Insurance Group LLC. Fellows Insurance Group LLC is a separate entity from Fellows Financial Group LLC, LPL Financial and Wealthcare Advisory Partners.

LPL Financial, Fellows Financial Group LLC, Fellows Insurance Group LLC and Wealthcare Advisory Partners do not offer tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Investments are not NCUA insured. No credit union guarantee. Investments may lose value. Fellows Financial Group LLC, LPL Financial and Wealthcare Advisory Partners are third party partnerships and are not affiliated with the United States Senate Federal Credit Union.

Membership eligibility required. Federally insured by NCUA.

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USSFCU Financial Advisory Services Powered by

USSFCU has partnered with Fellows Financial Group to bring our members USSFCU Financial Advisory Services. Fellows’ advisors maintain smaller, more exclusive client lists that allow them to focus on a client’s unique needs—whether on the business side or individual service side.

Key features Fellows brings to USSFCU members: Individual

Business

• Investment Services • Legacy Planning • Goal-Based Planning • Home, Auto, Umbrella Insurance

• Business Continuity Planning • Business Succession Planning • Income Protection Plans • Employee Insurance Programs • Commercial Insurance • Executive Compensation Strategies

Experience the USSFCU difference. Set up your FREE consultation today. ussfcu.org/FAS |

571.205.1515 |

FAS@ussfcu.org

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Wealthcare Advisory Partners a registered investment advisor. Wealthcare Advisory Partners and Fellows Financial Group LLC are separate entities from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: CA, CO, DC, GA, FL, HI, IA, MD, MT, NC, OH, PA, VA, TX, WV. Personal and Commercial insurance services are offered through Fellows Insurance Group LLC. Fellows Insurance Group LLC is a separate entity from Fellows Financial Group LLC, LPL Financial and Wealthcare Advisory Partners. LPL Financial, Fellows Financial Group LLC, Fellows Insurance Group LLC and Wealthcare Advisory Partners do not offer tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Investments are not NCUA insured. No credit union guarantee. Investments may lose value. Fellows Financial Group LLC, LPL Financial and Wealthcare Advisory Partners are third party partnership and is not affiliated with the United States Senate Federal Credit Union and USSFCU Best Life.

Membership eligibility required. This credit union is federally insured by the NCUA

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Happy Anniversary to USSFCU! I have been a member since 1982. I only worked in the Senate for one year, but I’d never give up my

Messages & Memories We invite you to enjoy this collection of stories, moments, well wishes and experiences shared by our USSFCU family members, in celebration of our 85th Anniversary.

membership in the USSFCU! Here’s to at least 85 more years!!” —Kathleen • VA • 46yrs Happy 85th Anniversary, USSFCU! No better company to work for that believes in the philosophy of ‘People helping People’ and [us being] ‘Better Together.’ During the two years that I have worked here, I have witnessed the innovation and change within the organization. The company is creating a great culture by showing members and staff that we care about them! Thank you, team, for being the voice for the members, and assisting them through life events. Wishing you many more years of success and growth!”

—Morgan Middleton • USSFCU Branch Mngager (Eisenhower Branch)

“Happy 85th from a 53-year member of USSFCU. I remember when the Credit Union was located adjacent to the barbershop in the basement of the Old Senate Office

THE DC OPPORTUNITY

By Tom Wacker, USSFCU Board Member

When I was offered the opportunity to move to Washington, DC to work for my home state senator, the excitement of it all led me to accept, without question or negotiation, a dismal salary that ultimately had to be supplemented by other parttime work. Thankfully, on day one of my Senate employment, I was introduced to the United States Senate Federal Credit Union, which via its minimal fees, excellent rates and superior service truly helped ensure my personal solvency in those early days here in the nation’s capital. I’ve never forgotten that and have been an ardent USSFCU member and advocate throughout the ensuing years.”

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Building. Great service then! Great service now!”

—Thomas • TX • 53yrs

Congrats, USSFCU!!! Joining the USSFCU was one of the first things I did when I entered employment with the government in 1977; and, you have been a trusted advisor and source of support ever since!! Thank you for all of your assistance over the years and incredible customer service!!

May you continue your mission for many, many more years!!” —Brian • VA • 43yrs

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As the USSFCU celebrates 85 years of service to its member/owners, I feel fortunate to have had the opportunity to be a part of its history, both as a member, and as a volunteer Committee member and Board member.” —Tom Wacker • USSFCU Board Member

MY 50 YEAR STORY

by Denis O’Donovan, Former USSFCU Board Member & Current VP of Business Development

In the Spring of 1970, I walked into the U.S. Senate Federal Credit Union (USSFCU) as a young Senate staffer to become a member (at the time the Credit Union was located in the Russell Senate Office Building). Throughout a more than 37-year Senate career and beyond, USSFCU continues to be my trusted financial institution. The Credit Union has always been there for my family and me, offering a myriad of products and services including car loans, mortgage loans and VISA® cards just to name a few.

In 1998, after several years of volunteering on committees, I made the decision to run for a USSFCU Board of Director seat and I was fortunate to be elected by our membership. During the course of the next 20 years, I had the honor of serving on the USSFCU Board of Directors with many outstanding Senate colleagues, who volunteered their time and talents to oversee and manage the growth of assets at USSFCU.

“Happy 85th Anniversary to the best Credit Union in the world. I am so happy to be a proud member for almost 26 years. I have never had a bad experience at the Hart Branch. I sometimes just go there to get a smile from the tellers even when I really have no transactions to handle.”

—Bridgette • MD • 26yrs Happy 85th Anniversary, USSFCU!!

I opened my account 30 years ago when I become an employee of USSFCU. Working for USSFCU and having my membership here has taught me all about the “People helping People” philosophy.

I absolutely love the way we take care of

In 2018, I stepped down from the USSFCU Board of Directors to accept a newly established position at USSFCU as Vice President of Business Development. For almost three years now it has been a role that has brought me a great deal of satisfaction and has allowed me to become part of the hardworking men and women who are the USSFCU family. These are dedicated employees who work to serve our members and who continue to be good stewards of their finances.

our members. The love, appreciation and

Over the past 22 years (1998–2020), as a USSFCU Board Director and employee, I have seen the growth of our organization from approximately $200 million in asset size to a current size of over $1 billion. As USSFCU prepares to celebrate a milestone of 85 years providing stability, security and service to our membership, I, too, celebrate 50 years (1970-2020) as a member of USSFCU—my own personal milestone and one I am grateful for everyday.”

building my swimming pool. This is the

commitment our members have for USSFCU is amazing!!”

—Rahel Young • USSFCU Branch Manager

“I was referred to USSFCU when I was first banking experience that I have had in 48 years that has been so pleasant.

USSFCU is the best bank and the ease of utilizing them for your banking needs is a MUST! Happy Anniversary and MANY, MANY MORE” —Carrie • NV • 3yrs

Happy Anniversary, USSFCU! I have been a proud member since 1993 when I opened my account upon getting my first job out of college in the Architect of the Capitol Curator’s Office. Thank you for your service—it’s been a great banking experience for me for 27 years.” —Kim • VA • 27yrs ussfcu.org | 17

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Congratulations, Senate Federal Credit Union on celebrating 85 years! I have been blessed to be a member since 1998! I also had the great honor and pleasure to support the Hart Branch of the USSFCU while an employee of the Senate Sargent at Arms Operations Division! The Hart Branch of the USSFCU has the kindest, friendliest, most professional employees I have ever met and dealt with in any financial

Wow, 85 years sure is a great accomplishment! That’s 85 years of growth, teamwork, compassion and family.

USSFCU is not only a place to work, it’s a true family that cares about not only their members but their staff. I am so proud to have been a part of USSFCU for the past 13 years and I can’t wait to be a part of the next 85!!”

—Kelsey Kiser • USSFCU Technical Trainer

institution! Now retired and living in Florida, I am proud to say that the USSFCU is still my financial institution!”

—Tawndra

• FL • 22yrs

PACK A SUIT

by Tony Zagami, USSFCU Board Member

It was the summer of 1984, and I had just been elected to the United States Senate Federal Credit Union Board of Directors—for the first time. The former Senate Sergeant At Arms, the late Nordy Hoffmann, was Chairman of the Board, and the Credit Union had just hit a new milestone in its history: for the first time ever, it had reached $50 million dollars in total assets. As the newest Board Member, I was about to attend my first ever major credit union event—the big regional credit union conference in Ocean City, Maryland. It was particularly hot that summer with a lot of sunshine and temperatures well into the 90s almost every day.

Before packing, I called my friend and fellow Board Member, the late Jerry Gereau, to ask him what kind of clothes to pack for the event. He told me to pack whatever I like, but for all official credit union meetings and events “you must dress in a business suit, complete with collared shirt, jacket and a tie.” I wasn’t happy to hear that, but I packed accordingly. I arrived at the hotel late on a Wednesday afternoon, checked in, went to my room to unpack and then grabbed some dinner, after which I retired for the evening.

I went to bed rather early that night, as I wanted to get a good night’s sleep so that I would be “bright-eyed and bushy-tailed” for the next morning’s credit union opening event, an all hands on board breakfast, complete with a guest speaker (don’t remember who it was, but he or she was important). Got up early the next morning, showered, shaved, and put on my navy blue suit, along with a crisp collared white shirt and a decorative blue and red silk tie.

As I gazed at myself in the mirror, I recall thinking how distinguished I thought I looked, just “like a Wall Street banker.” Down to the elevator and into the big ballroom I walked, only to see that every other attendee was dressed casually, many in Bermuda shorts and Hawaiian shirts. As I walked to my Credit Union’s table, I was met with many smiles and stares, and of course big hearty laughs from Jerry Gereau and the rest of my fellow Board Members; all in good fun. Once I reached my table, I took off the jacket and tie, rolled up my sleeves and enjoyed a great breakfast, complete with a guest speaker who was not wearing a suit.

Needless to say, I learned an important lesson that trip: never trust a fellow Board Member when it comes to packing and what to wear to a credit union conference!”

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“Happy Anniversary, USSFCU! Thank you for going above and beyond to serve the staff, while we serve our community and the people we care dearly for. Cheers to another 85 years!”

—Jessica Sumler • USSFCU IRA Coordinator As the newest member of the Board of Directors, I have been impressed with the dedication and attitudes of all the USSFCU volunteers and management. They are all dedicated to the three core values of USSFCU’s philosophy—Security, Integrity and Stability. All actions taken by the volunteers and management are focused on contributing to the security of the members’ data and funds, principled and respectful actions in all we do, and the enduring stability of the organization and its financial status. In addition, all management actions are taken with members in mind. Customer service and attention to what members need and want are paramount.”

—Jay Moore • USSFCU Board Member “My husband has worked on Capitol Hill since 1979. That is when he joined USSFCU. USSFCU was convenient for him and a friendly place to do banking and finance our car loans. When our children were little, USSFCU was where they opened their accounts. USSFCU is a part of our family history. As my husband finishes his 41st year of civil service, we are thankful we had USSFCU. Happy anniversary, USSFCU! May you continue to be a part of ours and many other families’ stories!”

Cheers to our Credit Union on its 85th! Proud to be a member! Being part of the USSFCU has special meaning for me because the first Federally chartered credit union in the United States was in my hometown: Texarkana, Texas (Morris Sheppard FCU, in 1934). In addition, a huge influence in my future life in Washington, DC was Congressman Wright Patman, who lived across the street from my family. Chairman Patman was an early and consistent champion of member-owned, not-for-profit financial cooperatives, which serve its members by delivering a range of low-cost products and services to the diverse economic and social makeup of its members. So for me, being a member of the United States Senate Federal Credit Union is not only wise financially, it’s also personal: it allows me to honor the memory of a statesman and respected boyhood hero.” —William • DC • 19yrs Why, USSFCU is my lifesaver! I am a retired government employee residing in the State of California. Living on a government pension with Social Security negatively impacted by the Windfall Elimination Act of 1980 (initiated by former President Carter and signed into law by former Ronald Reagan), living on a restrictive income with no salary increases is difficult.

Thus, it is important to try to find a financial institution that offers the best value for your hard earned, saved money.

Here in California, we have plenty of big banks, all willing and able to pay you the lowest interest rate allowed. And pretty much ditto with the many credit unions here, striving to pay you less for your savings. USSFCU is a life saver! USSFCU offers not only the most competitive interest rate for your hard earned, saved money but the utmost, supreme, number one interest rate throughout the nation, if not the world. I have relatives and friends who are jealous of my savings interest with USSFCU. So, Happy 85th Anniversary, USSFCU and continue to live long and prosper!! You certainly made me happy!”

—Bailey • CA • 2yrs

—Linda • MD • 41yrs Happy 85th Anniversary, USSFCU. I have been a member since I began working for Senator Alan Cranston (D-CA) in 1982. Although, I left the Senate when Senator Cranston left office, I have remained a member of the United States Senate Federal Credit Union to this day. I have had nothing but positive service from USSFCU and will continue do all my banking with them. I love the USSFCU.” —Loretta • MD • 38yrs

Happy Anniversary! I remember opening my account when I was a Senate Intern in 2009, and feeling so excited that the opportunity came with a chance to open a credit union account, no matter where life took me. USSFCU also approved me for my first credit card when I was starting out, which has helped lead to a great credit history and financial stability. I’m sure not many people feel so fondly about a banking institution, but I do! Cheers to many more years!”

—Erica • CO • 11yrs

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Dear Friends: Many, many sincere thanks for the wonderful support that the U.S. Senate Federal Credit Union has provided to myself and my family for over 30 years. We are especially grateful for the assistance provided

by Tammy Giardina, Charity Hamer, Zemzem Mohammed and Kenya Simpson-Santos when we have been in need of your skilled knowledge, support and kindness. Thanks again for all of your super work!” —John • MD • 35yrs “85 Years of Excellence! It is such an honor to work for our Credit Union that takes great pride in serving our members and local community. We have such amazing staff and culture; [this is] one of the best places that I have ever worked! We are all “Better Together” and even through challenging times, we are strong and take pride in helping one another, working collaboratively together with sincere kindness!’

—Heather Mansour •

USSFCU SVP of HR & Training

Congratulations on 85 years of Service. I celebrate the uniqueness and the attention I’ve received and been a member for 46 years. You financed my first car loan: a brand new 1974 Mustang. Thank you again! The Credit Union offers versatility to accommodate the needs of others and what’s also fascinating: they are patient and willing to listen.

I’ll say it again USSFCU is quite unique and has the history to back it up, making it possible and getting better. Thank you! “ —Emily • MD • 46yrs

Thank you to all of the members, volunteers and employees who shared their experiences and for making USSFCU everything it is today.

The best thing that I’ve experienced over the last 18 Happy years is naming To view more messages, visit ussfcu.org/85.

Annithe new building This Credit Union has always been more than simply versary to the after Bertie. He USSFCU. The a financial institution. From the very beginning, and is so special to Credit Union was the history of the throughout our history, we come together. Whether it opened five years Credit Union and is to get through the bad times or to celebrate the good before my father such a good person times, we are “Better Together.” Thank you for being a came to Washingthat I’m thrilled he’s part of the USSFCU family. ton, DC to work for been able to enjoy the the GPO. He became recognition.”

—Judy Rainey • USSFCU the Senate Printing Clerk in 1971 and joined the USSFCU. In 1987, he sponsored his children and grandchildren to join and we’ve all appreciated the sound financial banking we have.” —Shirley • MD • 33yrs It’s not just a corporate anniversary, it is an anniversary of a family and community that has grown stronger over the years. USSFCU started with a few but now there are many, not only in numbers but also in engagement, resources and talents. Wishing you many more years of unparalleled service and success. Happy 85th anniversary, USSFCU!”—Danielle • DC • 31yrs 20 | ussfcu.org

Board Member

Happy Anniversary, US Senate Federal Credit Union! Years ago when I was a young Senate staffer on a limited budget, I accumulated some credit card debt and was able to apply for and receive a consolidation loan that helped me pay off that debt. Since that time, I have never carried over a credit card balance. Thank you for helping me get my finances under control.”—Linda • TN • 36yrs “Congratulations on 85 years. Opening a USSFCU account was one of the very first things I did when I started working on Capitol Hill, 20 years ago, and I’ve never looked back. It’s my primary bank account to this day. Best wishes for the next 85 years.”

—Jeffrey • MD • 20yrs

’TIS THE SEASON – FOR – GIVING USSFCU

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Shop smart this holiday season with USSFCU’s low rate Smart Visa® Credit Cards—the gifts that keep on giving.

We say NO to fees, making a smart choice even smarter. » NO Annual Fees4 » NO Balance Transfer Fees4 SMART RATE VISA®

8.25%

APR1

Enjoy one of the lowest rates in the nation.2

SMART REWARDS VISA®

9.25%

APR1

Earn Rewards Points with every purchase.3

» NO Cash Advance Fees4 » NO Over-the-Limit Fees4 » NO Rate Increases for Late Payments or Cash Advances4

APPLY TODAY! USSFCU.ORG/VISA APR=Annual Percentage Rate. 1. All credit cards are subject to credit approval. Rates and/or credit limits are based on creditworthiness, income and debts. Rates effective as of 9/01/2020. Your account is subject to a variable interest rate. Increases or decreases in the interest rate will result in like increases or decreases in the Finance Charge and will affect the amount of your regularly scheduled payments that you will be required to make. See full list of agreements and account disclosures at ussfcu.org/visa. 2. Based on the average credit card rate of 16.03% APR posted on creditcards.com as of 08/19/2020. This does not include introductory rate offers. 3. Points are $1=1 point. Points are only earned on signaturebased transactions; PIN based transactions, cash advances and balance transfers do not qualify to earn points. 4. Other fees may apply. Foreign Transaction fee=1% of the transaction amount. To view our fee schedule, visit ussfcu.org/fees.

Membership eligibility required. Federally insured by NCUA.

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US S F C U

SEG Spotlight

Celebrating our #1 Select Employment Group

As we celebrate 85 years as a Credit Union, we can’t help but also reflect on the history of the U.S. Senate and the prominent role the upper chamber holds in the United States Congress.

Since 1787, when the framers of the Constitution created the United States Senate, the institution has played an integral role in the larger narrative of American history. The following are lighthearted highlights of notable dates in U.S. Senate history.

1787: On July 16, the framers of the Constitution created a bicameral legislature in which the Senate represents all states equally, while the House represents states in proportion to their respective populations.

1789: On March 4, the Senate convened for the first time at New York City’s Federal Hall.

1922: Rebecca Felton of Georgia became the first woman Senator to serve in the U.S. Senate.

1935: Nine U.S. Senate employees pooled their resources and chartered the United States Senate Employees Federal Credit Union with just $45.00.

1795: The Senate opened its legislative sessions to the public.

1958: The Senate opened its second office building, which in 1972 was named in honor of Senator Everett Dirksen (R-IL).

1800: The Senate took up residence in the north wing of the unfinished Capitol in Washington, DC.

1975: Senate opened all committee meetings to the public.

1829: The Senate appointed its first page on December 7—nine-year-old Grafton Hanson, the grandson of Senate Sergeant at Arms Mountjoy Bayly.

1982: The Senate opened its third office building, named in honor of Senator Philip A. Hart (D-MI).

1836: The Senate reserved one-third of its chamber’s circular gallery on February 17 for the exclusive use of women.

1884: For the first time, the Senate provided all members with clerical staff.

1906: Congress authorized the construction of a “subway” connecting the Capitol and Senate office building.

1909: The Senate opened its first permanent office building, which in 1972 was named in honor of Senator Richard B. Russell (D-GA).

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1986: Regular television coverage (C-SPAN 2) of Senate floor proceedings began.

1995: The Senate launched its first home page on the World Wide Web—www.senate.gov.

For more Senate history visit senate.gov.

USSFCU is honored to be the financial service provider to the members and staff of the United States Senate.

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KNOW YOUR CUSTOMER (KYC) The Currency and Foreign Transactions Reporting Act of 1970 (the legislative framework that is commonly referred to as the “Bank Secrecy Act”) requires U.S. financial institutions to assist U.S. government agencies in detecting and preventing money laundering and terrorism financing. Financial institutions need to conduct KYC on their customers to reduce the likelihood of becoming a legal vehicle of financial crime.

Know Your Customer is the process of verifying the identity of a member through independent and reliable source of documents, data or information. Different information is requested depending on whether you are an individual member or an entity. » For individual members, the Credit Union will obtain the member’s identity information, which includes full name, address, taxpayer identification number (TIN) and date of birth. » For non-individual members or entities, the Credit Union will obtain identification data to verify the legal status of the entity, the operating address and the individuals with ownership or control over the account (i.e., beneficial owners, signatories or guarantors).

Information is also required regarding the nature of employment/business that the member does or expects to undertake, the purpose of opening of the account with the Credit Union, as well as the expected activity on the account.

KYC is to be performed at the time of opening a new account and periodically thereafter. It may be necessary to obtain additional information from existing members based on changes to the account. Similarly, an existing member will be required to provide updated information for new account openings to adhere to the regulatory requirements.

Please note, that the Credit Union is entitled to decline opening an account or discontinue an existing relationship if there is failure to meet the minimum KYC requirements.

USSFCU is dedicated to ensuring that our institution is secure. We are consistently taking steps to protect not only you, our members, but also to secure our financial system against bad actors who wish to utilize our institution for their own corrupt purposes. By providing information that helps us verify your identity and “know” who you are, you are providing us the tools we need to further enhance our institution’s safeguards.

Thank you for your partnership!

Omar Ramsay, JD, NCCO, CRCM, CRMA USSFCU’s Chief Risk Management Officer Phone: 571.253.6308 Email: omarr@ussfcu.org ussfcu.org | 23

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Virtual Financial Literacy & Member Engagement At U.S. Senate Federal Credit Union, we remain committed to helping our members and their families plan for their financial future and achieve financial wellness. USSFCU has teamed with Fellows Financial Group and various other partners to offer our members and Select Employee Groups access to virtual financial education workshops. Check out the virtual financial workshops and engagement activities we’ve done over the past few months, and watch your inbox for many more to come.

SMALL BUSINESS CONTINUITY PLANNING

September 2020 | Hosted in conjunction with Fellows & Chamber ALX USSFCU business account holders, along with members of the Alexandria Chamber of Commerce, joined Blake Fellows, President of Fellows Financial Group, for an informational discussion on business continuity planning. Blake reviewed the elements of an effective small business continuity plan and how having a solid plan in place can help protect a business’ assets and allow them to remain competitive after a difficult event.

If you are a small business owner who’d like to learn more about business continuity planning we encourage you to contact our partners at Fellows Financial Group. Fellows offers a range of small business planning and advisory services and advisors are available to speak to all USSFCU members. Learn more on our website at ussfcu.org/bas or call 703.779.9750 ext. 3 or email FAS@ussfcu.org to arrange an appointment.

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SAVING FOR COLLEGE

September 2020 | Hosted by John Hupalo, Co-Founder of Invite Education & Patricia Roberts, COO at Gift of College © Coverdell Education Savings Accounts, 529 plans, primary savings, Roth IRAs…With so many options available, it can be hard to decide the best college savings path for your family. In an effort to bring clarity to a seemingly complicated subject, USSFCU hosted a special member webinar, featuring education finance experts and saving advocates John Hupalo and Patricia Roberts.

During College Savings Month 2020, USSFCU members joined live as John Hupalo, Co-Founder of MyCollegeCorner.com and author of Plan and Finance Your Family’s College Dreams provided a breakdown of each college savings option in addition to the benefits and drawbacks of each option.

Patricia Roberts, Chief Operating Officer at Gift of College© was also in attendance. Patricia explained the concept of crowdfunding as a method of funding the college experience. Crowdfunding has become an increasingly popular way to build college savings, and along with it so has giftofcollege.com. Essentially, Gift of College© is a gift card that can be applied to any 529 college savings accounts or used towards paying down existing student loan debt.

Access a recording of the webinar and find more college planning resources on our website at ussfcu.org/college101.

MONEY CONCEPTS FOR TEENS AND YOUNG ADULTS September 2020 | Hosted by our partners at GreenPath Financial Wellness

Even as adults, it can be challenging to make sense of our priorities and navigate all of the financial information thrown at us. For your older teens and young adults, it may be doubly confusing.

This webinar, hosted by our partners at GreenPath, explored several useful money concepts meant to help teens and young adults make sense of personal finances. Parents and teens were invited to discover financial management resources meant to teach sound money management skills that’ll allow for a strong foundation of lasting financial competence.

INVESTING IN YOUR FUTURE

October 2020 | Hosted by our partners at Fellows This educational workshop offered members insight into investment options and strategies they might consider to financially prepare for the future. Michael Schimmel, Fellows Financial Group Advisor, and our speaker for the event, reviewed what investment tools are necessary to build wealth and various ways to manage investment risk. ussfcu.org | 25

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INTERNATIONAL CREDIT UNION DAY® October 2020 | Hosted by USSFCU Staff

Each year since 1948, credit unions and their members come together to celebrate International Credit Union (ICU) Day® and the positive impact credit unions have on their communities. While we were not able to gather in person this year, ICU Day® 2020 gave us the unique opportunity to share this day virtually with our members.

Members joined in as USSFCU staff highlighted how credit unions across the nation have been stepping up to help their members and businesses during the COVID-19 pandemic. We celebrated what it means to be a member of a credit union, talked about some of the movement’s milestones and reinforced the necessity of people-focused, not-forprofit institutions in the financial sector.

SOCIAL SECURITY BASICS

October 2020 | Hosted by our partners at Fellows According to a recent survey conducted by the Nationwide Retirement Institute, less than 25% of people know what their full retirement age is and 70% think they are eligible for full benefits before they actually are. Additionally, many workers within 10 years of retirement over estimate their monthly retirement benefit by almost 30%.

The fact is, a lot of people don’t know the basic facts about Social Security. This presentation focused on answering some common questions about Social Security and addressed some of the basics including full retirement age, benefits of waiting and how to estimate your benefits.

Access a recording of the webinar on our website and learn more about retirement planning at ussfcu.org/planningresources.

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BARK BALL REIMAGINED

October 2020 | Hosted by the Humane Rescue Alliance The 33rd Annual Bark Ball was held virtually and served as a wonderful celebration of animals and the people in our community who care for them.

Over $300,000 was raised in support of the HRA’s work to protect animals in the community and support the families and people who love them. The COVID-19 pandemic has affected all of us, turning our lives upside down. But, the HRA’s work during this pandemic has never stopped.

The HRA responds to emergency calls 24 hours a day, rescuing animals from abuse, creating new families by finding homes for animals in need, and supporting struggling neighbors and their beloved animal companions through innovative programs like their Pet Pantry.

USSFCU was proud to sponsor Bark Ball 2020 in support of the Humane Rescue Alliance.

THE REFI QUESTION

October 2020 | Hosted in collaboration with the GAO, Credit Union Mortgage Association (CUMA) and Fellows Financial Group With interest rates the lowest they’ve been in decades, it seems like everyone has been talking about mortgage refinancing. With such a complex topic, GAO staff members were invited to come hear more about this process from the Credit Union’s Mortgage Team, and listen to a few GAO colleagues share their recent personal experiences with refinancing. The event also served as a Q&A, allowing guests to ask our panelist of experts all of their mortgage and refinance questions.

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CELEBRATING 85 YEARS of delivering world-class financial

STABILITY SECURITY & SERVICE

Experience the USSFCU difference.

Providing innovative products, cutting-edge technology and superior service to our members is our mission at United States Senate Federal Credit Union. Encourage a co-worker or family member to become the newest member of our USSFCU family and enjoy the very same financial stability, security & service.

Learn more at ussfcu.org/joinus

With 100 plus paths to membership, eligibility is simple and joining has never been easier.

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