USSFCU SPOTLIGHT | SPRING 2020

s

p

o

S P R I N G

t

2 0 2 0

l

i

g

h

t

ussfcu.org | 1

N E W S L E T T E R

USSFCU

s

p

o

t

l

i

g

h

t

THE IMPORTANCE OF FINANCIAL LITERACY

BANK VIRTUALLY ANYWHERE Pg. 14

Pg. 4

HOW TO KNOW WHEN TO REFINANCE YOUR MORTGAGE Pg. 10

Serving Our Members Since 1935

USSFCU Executive Management Timothy L. Anderson President & CEO

USSFCU Board Members Ileana Garcia, CPA Chairman

Christopher D. Shunk

Chairman Emeritus

Kathy Dalfrey

Senior VP/Chief Financial Officer

Tom Wacker Vice Chair

Christopher C. Dey

Jeff Smith

Chief Lending Officer

Secretary/Treasurer

Margaret P. Rushing Director

Heather Mansour SVP, Human Resources & Training

Omar Ramsay

Chief Risk Management Officer

Bertie Bowman Director

Judy Rainey Director

Anthony J. Zagami Director

Mark Fournier

Interim Chief Information Officer

2 | ussfcu.org

Jay Moore Director

Letter from Leadership What is it that each of us, as members of the United States Senate Federal Credit Union (USSFCU), most need to understand about our financial institution—especially during this unprecedented period of global uncertainty? Clearly, considering the personal economic challenges this situation has thrust upon all of us, knowing the Credit Union has not skipped a beat in responding to this evolving crisis is paramount.

While we could never have predicted the exact nature of the calamity confronting us today, the reality is USSFCU has been preparing over the course of decades for a moment like this. Particularly, the September 11, 2001 terrorist attacks, the 2007-2009 Great Recession and years of unrelenting cyber attacks have all tested and fortified the institution’s resolve to build and maintain systems and redundancies that ensure operational continuity and financial strength.

Having served as an appointed committee member and an elected Board Member for nearly half of the 37 years I’ve been a USSFCU member, I can without question attest to the preparedness of our Credit Union and the commitment of its employees and leaders. Indeed, over the past several weeks as the COVID-19 pandemic has unfolded, our able President and CEO Tim Anderson and his wonderful staff, under the direction of our Board, have adroitly carried out the following response plan: • Operational Changes—Moving our entire organizational operations, consisting of nearly 100 employees, from primarily in-office to remote settings, thus simultaneously responding to governmental stay-at-home directives and fulfilling essential service designations.

• Member Assistance—Providing loan extensions/deferments, payment flexibility, waiving certain fees and penalties as well as offering a new USSFCU Relief Loan.

• Technology Solutions—Reminding members through a variety of media about our Online and Mobile Banking capabilities, Mobile Wallet, TeleAction, nationwide network of surcharge-free ATMs and shared branches, TrueCar®’s Buying from Home Service with home delivery, and related tools.

• Always Being There for Our Members—Maintaining a fully-operational Call Center, offering GreenPath™ Financial Counseling and keeping members fully informed through our regularly updated website at www.ussfcu.org/covid19.

Certainly, we can all be proud to be associated with this institution that truly is our pillar of strength, our beacon of hope and our constant ally.

Respectfully,

Tom Wacker

Vice Chair, USSFCU Board of Directors ussfcu.org | 3

USSFCU

s

p

o

t

l

i

g

h

t

THE

IMPORTANCE OF

If

you’ve spent any time reading up on education

or financial news lately, you’ve probably come across the term “financial literacy.” The goal behind teaching financial literacy is to help people develop a stronger understanding of basic financial concepts—that way they can handle/manage their money better.

That’s a worthy goal, especially when you consider a few stats from a recent CareerBuilder® survey about how the typical American handles/manages money: • Nearly four out of every five US workers live paycheck to paycheck.

• Over a quarter (25%) never save any money from month to month.

• Almost 75% are in some form of debt—and most assume they always will be.

With those numbers, it’s no surprise that leaders in business, education and government want to help spread the benefits of greater financial literacy to as many people as possible.

In fact, it mattered so much to lawmakers that in 2004 the U.S. Senate passed a resolution officially recognizing April as Financial Literacy Month to “raise public awareness about the importance of financial education in the United States and the serious consequences that may be associated with a lack of understanding about personal finances.”

As more people become aware of the importance of financial literacy, we should be asking: What skills, traits and best practices do people who are considered “financially literate” have? And, how does this skill set really affect personal finance?

4 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

What Is Financial Literacy?

Financial literacy is the possession of skills that help people to make smart/ smarter decisions with their money.

And don’t be misled by the word “literacy”. Although understanding stats and facts about money is great, no one has truly grasped financial literacy until they can regularly do the right things with their money that lead to the right financial outcomes.

When you have this skill set, you’re able to understand the major financial issues most people face: emergencies, debts, investments and beyond.

Financially literate people know their way around a budget, know how to use sinking funds and know the difference between a 401(k) and a 529 plan. Here are the concepts financially literate consumers have mastered:

Budgeting It’s one thing to learn how to add and subtract in elementary school, but it’s something else entirely to actually apply those principles to your own finances! Most Americans live paycheck to paycheck, and it’s largely because of a gap between what the math says they can afford and what they actually spend. Financial literacy can make people habitual budgeters, who are willing to save for their goals and delay gratification in order to have peace of mind—both today and in the future.

Emergencies According to the Federal Reserve Board Report on the Economic Well-Being of U.S. Households, in 2018, only 61% of Americans would be able to cover a $400 emergency if one happened to them today. But people who become financially literate learn how to build a $1,000 emergency fund— and from there, then learn how to grow their emergency fund to include three to six months of expenses for those times when life throws an even bigger curve ball.

Debt In addition to mortgages, which amount to nearly $9 trillion in debt nationwide, Americans are weighed down with auto loans, credit cards and student loans. The Federal Reserve Bank of New York reported in 2018 that the total consumer debt in America had reached $3.95 trillion.

To see how that debt load impacts daily living, consider the fact that Northwestern Mutual reported, in 2019 that 34% of Americans spent up to half of their monthly income on making debt payments. A big part of financial literacy focuses on understanding how the time and money people spend on paying off debt hurts their ability to invest into their future.

Teaching financial literacy skills in schools is increasing in popularity every day. After all, what better place to communicate these life lessons regarding money than in the classroom? And, yes you can probably guess that we believe financial literacy is as fundamental to learning as reading and writing! ussfcu.org | 5

t

USSFCU

s

p

o

t

l

i

g

h

t

How Many People Are Financially Literate?

Based on the stats that we’ve already considered, it’s fair to guess that the majority of people don’t know how to handle/manage their money. And while there’s no sure way to accurately measure how many people are financially literate, the lack of certain skills could (probably) confirm that guess.

For example, if you used the number of people who don’t live paycheck to paycheck as an estimate of financial literacy, only about 20% of people would qualify!

Budgeting could be another skill for measuring financial literacy. And how do Americans stack up in that department? Sadly, CareerBuilder® reported, in 2017, that not even a third of people earning a paycheck (32%) stuck to a budget.

Let’s look at the findings of the National Financial Capability Test given to over 17,000 people from all 50 states. The National Financial Educators Council (NFEC) reports that less than half (48%) of participants were able to pass the 30-question test that covered things like budgeting, paying bills, setting financial goals, and other personal finance related topics.

Fewer than half could pass a basic exam on financial literacy—and the average test taker only answered 65% of the questions correctly!

On the bright side, there’s a trend in the other direction: Many young people are boosting their financial literacy through personal finance courses in high school. And research shows it’s having a positive impact! In 2016, Ramsey Solutions Research, the in-house research team for Ramsey Solutions, surveyed over 76,000 American students who had taken a personal finance class, and many of the results are in stark contrast to the NFEC report. Students who had taken a course in personal finance highly understood key financial topics such as: • The difference between credit cards and debit cards (86%) • How to pay income taxes (87%) • How home, auto and life insurance work (90%) • How student loans work (94%) • What a 401(k) is and how it works (79%)

Are You Financially Literate?

To help you decide whether you should include yourself among the financially literate, think through the following questions and give yourself some honest answers.

• Do you know how to create a monthly budget that includes all of your basic expenses, your bills, any debts and your sinking funds for future purchases?

• Are you currently debt free? Or are you taking active steps to reduce your debts?

6 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

• Do you know about how much money you spend to cover living expenses over a period of three to six months?

• Do you have an emergency fund in place that would allow you to get through a sudden major life event, like a layoff or a totaled vehicle, without having to borrow money?

• Do you understand how compound interest allows invested money to grow over time?

• Do you know the various kinds of insurance that are needed to protect your finances and investments?

• Do you understand the difference between an investment and insurance?

What Action Steps Can You Take?

Hopefully you were able to answer “yes” to all—or at least some—of the assessment questions. If so, congratulations! You’re probably among the fortunate few who have achieved real financial literacy!

But in case you found yourself answering “no” to some of the questions, don’t be discouraged! There are steps you can take to get a better understanding of how money works.

In fact, the same Ramsey Solutions research cited above shows that many who take personal finance courses experience awesome results with their money when following these steps:

1. Start a baby emergency fund.

Begin by saving $1,000. This is to keep you from being thrown off track when those inevitable, tough financial events hit you. (You’ll be making this emergency fund even bigger later on.)

2. If you’re still in debt, get out of it.

You’ve seen for yourself how much debt slows down financial progress.

To rid yourself of pesky debts, just list them from smallest to largest. Make minimum payments on all debts except the smallest—throwing as much money as you can at that one. As you pay off the smallest debt, roll what you used to pay toward it onto the next largest debt. Repeat this process until all your debts are cleared!

3. Finish your emergency fund.

This is another area where taking a class on good money habits helps, and many of those who do so save an average of $3,000 per year in personal earnings, according to Ramsey Solutions. To complete this step, move all the momentum you gained while paying off debt toward saving up three to six months’ worth of living expenses.

ussfcu.org | 7

t

USSFCU

s

p

o

t

l

i

g

h

t

4. Invest 15% of your income in retirement.

It’s never too late (or early) to plan for retirement, as the Ramsey Solutions Research shows. Eighty-seven percent of students who take a finance class agree they feel confident about investing. You can face the future with hope when you have a plan that includes smart retirement investment. Use good growth stock mutual funds in a tax-advantaged retirement savings plan like a 401(k) or a Roth IRA. Investing 15% can help ensure you beat inflation over the long haul—while still having enough income to put toward paying off your home.

5. Pay off your mortgage early.

This monthly housing payment is one of the biggest expenses for most people. Imagine never sending out this payment again—and owning your home free and clear!

6. Keep building wealth and giving generously.

The purpose of financial literacy isn’t just head knowledge. The real goal is to be able to use your money to do the things you truly want to do, like retire with dignity, spend free time with family and give to other people as well as worthy causes.

Financial Literacy Can Change You for the Better By now, you’ve got a pretty good sense of where you stand in terms of your own financial literacy. Maybe you have a lot to learn, but it’s encouraging to know that increasing financial literacy could transform your personal situation. With that being said, the United States Senate Federal Credit Union is pleased to offer our members a new form of financial education: Best Life Learning Center.

The information above has been extracted from the article “What Do You Need to Know About Financial Literacy?”, originally published on https://www.daveramsey.com.

8 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

INTRODUCING

BEST LIFE LEARNING CENTER

We are excited to introduce a new personalized financial education offering: the Best Life Learning Center. This interactive, online program allows members to learn more about important personal finance topics such as budgeting, investing, homeownership, retirement planning and more.

Highlights of the program include: » A robust library of 30+ learning topics with something for everyone, regardless of life stage or financial circumstances. » Essential information for each learning topic can be consumed in just 3–6 minutes in order to fit into today’s busy lifestyle. » Designed to work great on a smartphone, tablet or computer, it can be accessed from almost anywhere. » Courses are available in English and Spanish.

Start Learning Today! ussfcu.org/bestlifelearning Online financial education offered through EverFi, a third-party. USSFCU is not responsible for the accuracy, security, or content of other websites. In addition, the third party information is not intended to provide tax, legal, real estate or investment advice.

Membership eligibility required. Federally insured by NCUA.

ussfcu.org | 9

t

USSFCU

s

p

o

t

l

i

g

h

t

HOW TO KNOW WHEN TO REFINANCE YOUR MORTGAGE

W

hen mortgage rates fall—as they have in the first quarter of 2020, many homeowners refinance their loans. While refinance activity is up dramatically over last year, that doesn’t mean it’s always a smart move. Knowing when to refinance your mortgage is the trick.

Generally, if refinancing will save you money, help you build equity and pay off your mortgage faster, then it’s a good decision. And with rates this low, even people who have fairly new mortgages may be able to benefit from refinancing.

When it’s a good idea to refinance your mortgage

“If you can shave one-half to three-quarters of a percentage point off your mortgage rate by refinancing, you should look into it,” says Greg McBride, Chief Financial An® alyst for Bankrate . “Just be sure the cumulative savings on monthly payments is enough to offset the costs of refinancing. If you’re planning on moving in the next year or two, it might not.”

Mortgage interest rates are determined by market factors, including the yields on long-term Treasury Bonds. And of course, the best rates and terms go to those with the best credit. So the question of when to refinance is not just about interest rates; it’s about your credit being good enough to qualify for the right refinance loan.

Your financial goals, how long you plan to stay in your home, how much equity you have in the home and your overall financial condition are important considerations when it comes to refinancing. Ask yourself the right questions to help you get started.

10 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

Is refinancing worth it and how does refinancing work?

There are a variety of ways to refinance your mortgage. Finding the right loan depends on your goals. You may want to switch from an adjustable-rate mortgage to a fixed-rate loan that has a steady monthly payment. Or you may want to shorten the term of your loan from a 30-year to a 15-year and save yourself a bundle in interest charges.

A refinance is also a way to get rid of private mortgage insurance after you have reached 20 percent equity in your home.

Most homeowners opt for a straight rate-and-term refinance that lowers their interest rate and gives them a comfortable repayment term.

Some consumers want a lower monthly payment to free up money for other expenses, such as college tuition or an auto loan. homeowners go with a What is a cash-out Other cash-out refinance, in which borrow more than they mortgage refinance? they owe on the home and use the cash to retire credit card debt, pay for home renovations or some other major expense.

Wiping out credit card balances with a lower-interest loan can be a good move. But if you start racking up card balances again, you’re setting yourself back and increasing your risk. Your mortgage is a debt secured by your home. If you start missing mortgage payments, you could lose your home to foreclosure.

“A borrower should consult with a mortgage professional to determine if their financial needs are best suited for a cash-out refinance vs. other forms of credit,” says Richard Liu, a mortgage consultant for C2 Financial Corp., a San Diego, CA -based mortgage brokerage.

The interest rate is not the only How long does it cost to weigh when you’re whether refinanctake to recoup the considering ing is worth it. There are costs the refinance loan, and costs of refinancing? totheyclose can be steep. Expect the closing costs to total 2% to 5% of the principal amount of the loan. If you borrow $200,000 and closing costs are 3 percent of that, you would owe $6,000 at closing.

Rather than require all that money upfront, many lenders let you roll the closing costs into your principal balance and finance them as part of the loan. ussfcu.org | 11

t

USSFCU

s

p

o

t

l

i

g

h

t

To decide whether a refinance makes sense, calculate how long it will take for the cost of the mortgage refinance to pay for itself. If you plan to sell the house before your break-even point, refinancing might not be worth it.

“If a borrower is refinancing strictly to lower monthly mortgage payments and closing costs are $2,400, the borrower should expect to save at least this amount in interest payments for the duration they plan to have the loan,” says Liu. To determine your break-even point, divide the total closing costs by the amount you save each month with your new payment.

How to calculate your break-even point for closing costs Let’s say your new mortgage saves you $192 a month and closing costs are $3,000. $3,000/$192 a month in savings = 15.6 months to break even.

If you plan to sell the house before you break even, refinancing is not a good strategy.

Example of a mortgage refinance

Let’s say you took out a 30year mortgage for $150,000 at a fixed interest rate of 6 percent. Your monthly payment is $899 and over the life of the loan, you’d pay $323,755, including $173,755 in interest.

Five years into the loan, you’ve paid $10,418 toward the principal 12 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

and $43,541 in interest. Now you want to refinance the remaining $139,581 of your principal balance with a new 30-year fixed-rate loan of 4.5 percent. Using Bankrate’s mortgage refinance calculator, you can figure out whether this would be a money-saving move.

Your new loan would slash your monthly mortgage payment by $192 a month—to $707. Over the life of the loan, you’d pay $254,605, of which $115,024 would be interest. Add in the $53,959 in principal and interest you paid in five years on the previous mortgage and your total cost will be $308,564—including $158,565 in interest.

By refinancing, you not only lower your monthly payments significantly, you see a long-term savings of $15,190 in interest.

How long does it take to refinance a mortgage?

The time it takes to refinance depends on your lender as well as how long it takes to complete inspections, appraisals, credit checks and other requirements. But the internet has greatly simplified the process.

Many lenders’ websites allow you to read about different loan products, compare interest rates, fill out loan applications and submit documents.

“Within the past few years, technology has streamlined the mortgage process tremendously,” says Liu. “With online applications, mobile document-scanning apps and e-signatures, borrowers can perform most tasks without printing a single document. Most refinances can be closed within 30 days.”

Use Bankrate’s mortgage calculator to compare your own loan scenarios: www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

• See what happens when you input different mortgage terms (in years or months).

• Reveal the amortization schedule to see how much total interest you would pay.

Good credit can save you lots of money on your mortgage.

This article originally appeared on Bankrate.com/mortgages. To read the article in its original posting, please visit https://www.bankrate.com/mortgages/when-to-refinance. ussfcu.org | 13

t

USSFCU

s

p

o

t

14 | ussfcu.org

l

i

g

h

t

USSFCU

s

p

o

t

l

i

g

h

Are you unable to get to a USSFCU Branch? Stuck trying to figure out how to send in your payments, make withdrawals or transfers? Members of USSFCU have a number of virtual banking resources at their fingertips. With the use of technology, banking from home or anywhere in the nation is possible for all of our members. USSFCU offers Online and Mobile Banking, Mobile Pay (Mobile Wallet) services plus surcharge-free ATMs and shared branches nationwide.

• ONLINE BANKING With access to our Online Banking platform, called CU AnyHour+, members have the ability to virtually handle any of their financial needs from the comfort of their home on their computers or through their web browser on their smartphones and/or tablets. The use of Online Banking is completely free. Members can check their account balances, transfer funds between USSFCU accounts, pay bills and more. Our CU AnyHour+ platform also offers an easy-to-use dashboard to help manage your finances. Features including “My Finance” assist members with budgeting, transaction tracking and financial goal setting. Learn more about Online Banking with USSFCU at ussfcu.org/onlinebanking.

• MOBILE BANKING For our members that are on the go, we offer Mobile Banking through our USSFCU Mobile App. Similar to Online Banking, members can check their account balances, transfer funds between USSFCU accounts and enroll external account(s) to pay other bills. There is no need to worry about taking a trip to a Branch, members can use our Mobile App to deposit checks!

Sign and endorse the check, take a picture of both sides, enter the amount of the check, select the desired account for the deposit and click “Submit.” You’re done making your deposit! For more information on the USSFCU Mobile App and Mobile Banking with mobile deposits, visit ussfcu.org/mobilebanking. ussfcu.org | 15

t

USSFCU

s

p

o

t

l

i

g

h

t

• MOBILE WALLET Adding your USSFCU Visa® Debt or Credit Card to your Mobile Wallet could not only save you time while running errands, but may relieve you from the worry of forgetting or losing your wallet. Using Mobile Pay is a safe and secure way to make purchases on the go. Your account information is never stored and your card number is never shared or transmitted! USSFCU members can easily add their USSFCU Senate Debit, Smart Rate and Smart Rewards Credit Card to their Mobile Wallet. They can also set their preferred USSFCU card as their default card to make payments anywhere Mobile Pay is accepted. For detailed instructions on how to set your preferred USSFCU card as your default payment method for Apple®, Google™, Samsung Pay® and Visa® Checkout, visit ussfcu.org/mobilewallet.

• SHARED BRANCHING Members who are not in the Capitol Hill area can still make in-branch visits–it may not be with USSFCU directly, but with a credit union who participates in the Shared Branch Network.

Members can visit their local shared branch credit union to perform all their basic transactions. USSFCU is a part of a shared branch network with over 3,000+ shared branch locations.

Coast to Coast, whether living or visiting, members have the option to visit a shared branch and perform normal in-branch transactions as if they were in a USSFCU Branch. To find a shared branch near you, visit ussfcu.org/sharedbranch.

• ATM NETWORK Need to make a quick ATM run? Text your zip code to 91989 to receive your closest ATM location. USSFCU participates in an ATM network with over 100,000+ surcharge-free ATMs across the nation. By using surcharge-free ATMs, our members are saving money in ATM fees. Members in the Capitol Hill area may take advantage of USSFCU-owned ATMs and their perks, like the ability to deposit checks and in some cases cash. To learn more about the participating ATM networks or to find one closest to you, visit ussfcu.org/atms.

A USSFCU Branch might not always be in driving distance; still, you are never more than a call or click away from accessing your USSFCU account.

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.

16 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

Bank Virtually Anywhere » Pay Bills, Loans & Credit Cards » Transfer Funds » Open Accounts » Apply for Loans ...and more.

Online & Mobile Banking

Remote Check Deposit1 with the USSFCU Mobile App

Touchless Pay

with the USSFCU Mobile Wallet

Nationwide Network ATMs & Shared Branches

USSFCU e-services give you the ability to do most of your banking tasks from almost anywhere.

ussfcu.org/e-services 1 Member must be enrolled in Remote Deposit Anywhere™ (RDA).

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

ussfcu.org | 17

t

USSFCU

s

p

o

t

l

i

g

h

t

MEMB

MEMBERS’ VOICE YOU SPEAK. WE LISTEN. Member comments from our member satisfaction surveys.

“I have been with [the] United States [Senate] Federal Credit Union for 20 years and [have] had no problems. I wouldn’t trust [anyone] else period.”

—Patricia • Washington, DC “Over the years, USSFCU has assisted [me] with mortgages [and] auto loans.

Everyone is always so nice and responsive.” —Colleen • Reva, VA “Superb customer service, especially in the midst of COVID-19.”

—Kara • Chevy Chase, MD

“Love the Credit Union overall. Being that branches are not near, there are always alternative ways to do business.” —Le Anna • Bowie, MD “I believe they have good interest rates and low fees, and when I visited their office, they were very nice.” —E. Annette • Upper Marlboro, MD “We are very happy with the service and kindness of everyone at USSFCU.” —Mark & Karen • Spring Grove, PA “All services are easy and convenient for me as I live in NC.” —Hazel • Cape Carteret, NC “Used this Credit Union for over 35 years!! Never had a problem.”

—Geraldine • Cape Mineral, VA “I received a great Home Equity Line of Credit. Very easy process, and that credit line is easily accessible when needed, and funds can be transferred easily.”

—Donna • Springfield, VA 18 | ussfcu.org

“Great personal service and reliability! Keep on, keeping on! Don’t forget that personal service keeps the USSFCU breathing and alive!” —Jean • Washington, DC “Everyone is so nice, and knowledgeable and so willing to help. Never once have I ever had anyone treat me unprofessionally...and I have been a member for 40 years. I always know I am going to solve my problem and be satisfied with the outcome.” —Mary • Bethesda, MD “Cashiers [are] always very helpful and greet you with a smile rather than a frown!! Special help advisers always friendly and answer questions...Greta Brown [is] my favorite!” —Patricia • Washington, DC “I have been a member since the 1970s. My Mom worked for you as a teller and then a loan officer and thought of you as a wonderful Credit Union. I, of course, agree with her wholeheartedly. I now reside in Jupiter, Florida and have always had the ultimate service performed whenever I called for any questions or had service performed over the phone. Overall, I would never seek another banking establishment!” —Nancy • Jupiter, FL “I’ve been treated with respect and honesty. They’ve always done what they said they were going to do.” —Terry • Rockford, IL “I have been banking with the Credit Union for years. I served as a House Page and my husband is retired from the Architect of the Capitol. I trust the credit union and it has been reliable whenever we’ve needed them. The customer service is excellent.” —Tanya • Temple Hills, MD “I’ve been with USSFCU since the early 1990s. Never had a problem. Always been responsive.” —Christopher • St. Paul, MN

ussfcu.org | 19

USSFCU

s

p

o

t

l

i

g

h

t

introducing

BUY FROM HOME with Home Delivery

Handle all aspects of your vehicle purchase without ever needing to go into the dealership. Have your vehicle delivered to you and complete your paperwork at home.

ussfcu.truecar.com Membership eligibility required.

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

TrueCar’s trademarks, trade names, service marks, logos, brand features plus products and service names are trademarks and the property of TrueCarŽ.

20 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

U S S F C U

SEG Spotlight Join us in welcoming the

Diplomatic Security Special Agents Association USSFCU is proud to announce the addition of a new Select Employee Group, the Diplomatic Security Special Agents Association (DSSAA).

The Diplomatic Security Special Agents Association (DSSAA) is a fraternal, benevolent association, classified as a 501(c)(6), which is open to all employees of the Department of State’s Bureau of Diplomatic Security, not just Special Agents.

The DSSAA exists to foster the development of professional and personal relationships between Diplomatic Security, other fraternal law enforcement organizations, law enforcement agencies, and members of the Intelligence community. The DSSAA is open to current or retired employees of the Bureau of Diplomatic Security and third party contractors.

Pledging all efforts to DSSAA members and their families, DSSAA’s motto is “Serving Those Who Serve.”

DSSAA strives to establish a focal point of communication and promote the exchange of information regarding matters that are of mutual concern to DSSAA members. The DSSAA cannot serve as a bargaining unit, but endeavors to actively promote projects designed to support and benefit its members and their families.

DSSAA operates two traditional retail stores and offers an online store front. All profits are used to support DSSAA and community events such as National Night Out, the DSSAA family Picnic, Virginia Special Olympics, DC Pride, social gatherings, and the Diplomatic Security Foundation.

To learn more about the Diplomatic Security Special Agents Association or the Diplomatic Security Foundation, visit https://dssaa.org. ussfcu.org | 21

t

USSFCU

s

p

o

t

l

i

g

h

t

AACUC BERTIE BOWMAN HALL OF FAME

On Tuesday, February 25, longtime USSFCU Board Member and Capitol Hill icon Bertie Bowman was honored by the AfricanAmerican Credit Union Coalition (AACUC) when they inducted him into their Hall of Fame. Mr. Bowman was one of three individuals inducted into their Hall of Fame during a reception at the 2020 Credit Union National Association Governmental Affairs Conference (CUNA GAC). USSFCU’s Vice Chairman Tom Wacker, former Board Chairman Chris Shunk introduced Mr. Bowman while CEO Tim Anderson addressed the attendees and relayed how much Bertie means to the Credit Union and to him personally.

22 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

GREATER WASHINGTON BOARD OF TRADE’S 2020 MID-WINTER DINNER

On Thursday, February 27, USSFCU was honored to be the presenting sponsor of the Greater Washington Board of Trade’s 2020 Mid-Winter Dinner. At the dinner, a few special guests joined USSFCU in an opportunity to connect with over 430 of the region’s leading professionals at the Washington National Cathedral.

Established over 130 years ago, the Greater Washington Board of Trade’s purpose is to bring local business and civic leaders together in support of the City’s interests. To-date, the Greater Washington Board of Trade has hosted over 100 Mid-Winter Dinners, bringing hundreds of people together for a chance to build high-value relationships. Proceeds from the Mid-Winter Dinner, support the Board of Trade’s ongoing work to drive inclusive economic growth and civic improvements throughout the District, Maryland, and Northern Virginia. ussfcu.org | 23

t

Interactive Map: Use the interactive map on our website to find a shared branch near you.

SHARED BRANCHES

3,000+

Quick Tip: Text any Zip Code to 91989 and receive the closest ATM location.

FREE ATMS

SURCHARGE

100,000+

USSFCU’S NATIONWIDE PARTNER NETWORK

Visit ussfcu.org/atms to find surcharge-free ATMs near you. Not all ATMs within our partner network are surcharge free. Fees may apply to transactions made at non-surcharge-free ATMs. USSFCU strives to report the most accurate information available for each location. Occasionally there may be a discrepancy in the information provided (including fee surcharges) due to some institutions initiating changes or experiencing system malfunctions.

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

Learn more at ussfcu.org/atms.

24 | ussfcu.org

P.O. Box 77920 Washington, DC 20013