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Vice Chairman Hood Observes Firsthand How Military Credit Unions Serve the Underserved

May 9, 2006, Alexandria- NCUA Vice Chairman Rodney Hood recently visited a branch location of Service Credit Union located on a U.S. Military Base in Garmisch, Germany.  Vice Chairman Hood toured the location, met with several of the credit union’s officials, and participated in a roundtable discussion regarding the services provided to underserved members.

“I was honored to visit Service Credit Union and learn more about how they are meeting the needs of the underserved, especially those within the military community,” said Vice Chairman Hood. “Military duty presents unique financial needs and credit unions are a proven and reliable financial partner for service members and their families.” 

Vice Chairman Hood met with Service Credit Union officials including: Gordon Simmons, President and CEO; Richard Tolle, Senior Vice President, Oversees Operations; and Sue Westerh, Branch Manger. Service Credit Union serves over 100,000 members and has over $1 billion in assets. 

“Gordon Simmons and the dedicated staff of Service Credit Union did a wonderful job briefing me on the impressive array of innovative services provided to its members,” stated Vice Chairman Hood.  “I was very impressed with the credit union’s Warrior Rewards and Star Programs, as well as its commitment to providing financial education by offering seminars and free consultation services.”

The credit union’s Warrior Rewards program recognizes the sacrifices and unique financial needs of service members during periods of mobility and long-term separation, by offering low loan rates and a high certificate rate. Warriors are defined as military members who are assigned to or have returned in the past 120 days from peacekeeping operations or other combat zone areas such as Iraq and Afghanistan.

The Star Program offers a special collection of unique services, including free checking, high yield savings, and share certificates to moderate income members whose annual gross income is below $45,000 or their military base pay doesn't exceed $2,175 per month.

Service Credit Union also provides an Education Center which is dedicated to improving its members financial well being by offering a vast array of services, including educational seminars which cover topics such as internet banking, taxes, home and auto buying, and investing. 

“I was especially pleased that among the many products and services provided, the credit union also offers opportunities for its members to learn how to best manage their money through an innovative financial education program, “ said Vice Chairman Hood. “These seminars provide a forum for members to learn more about the most pertinent and current financial issues that face them on a regular basis. I commend all credit unions for their dedication and success in educating service members and helping them achieve their financial goals, and appreciate the opportunity to witness this first-hand in Germany here at Service Credit Union.”

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, backed by the full faith and credit of the U.S. government, also operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.