ORNL FCU 75 Years

the end of 1996, banks had a major decision upheld that left credit unions prohibited from approving additional membership groups. The US Supreme Court was scheduled to hear an appeal during the court’s next term. Meanwhile, ORNL FCU asked members to contact their senators and representatives, urging them to support changes in the Credit Union Act. Nineteen ninety-seven was fraught with uncertainty as the banking community and their trade associations waged a well-publicized media attack against the credit union movement. This created a dark cloud that hovered over ORNL FCU and all credit unions nationwide throughout 1997. But there were positive forces at work as well. „ „ „

OUR OWN WORDS I started at ORNL FCU in the collections department. When you think of collections out in the big banking world, it’s like you’re rough and tough and you’re going to repossess someone’s car. But the credit union philosophy is modeled differently. Our work here is preventative: we do everything we can to prevent that from happening. We don’t want anyone’s car—we help our members get to a better financial place and keep their

car. To me, that’s the difference between a bank and a credit union . BEN JONES

AVP, Call Center & Interactive Services

While growth had slowed somewhat, the credit union was still able to post considerable gains and move ahead with many plans. Assets grew to more than $423 million, and despite the current situation, membership grew to more than 64,700.

ORNL FCU moved further into the digital era with a digital version of the familiar Home and Family Finances on its website, and a new service called Personal Branch, through which members could dial

into the credit union computer to review accounts, make transactions, and pay bills, was launched. Roth and Education IRAs were introduced, and a new branch opened in Fountain City. As the bankers’ legal challenges were laid before the US Supreme Court, over 130 co-sponsors brought forward a bill to the US House of Representatives that would help protect access to credit unions. If passed, HR 1151 would allow for multiple common bonds in federal credit union fields of membership, thereby providing access to credit union services everywhere. For years, the banking industry had been before Congress and in the courts trying to stifle competition. The following year would determine the fate of every credit union in the nation. ORNL FCU bided its time, hoping for a win . . .

Throughout the late 1980s and 1990s several new branches opened. Shown here are Clinton and Karns.

50 | 75 YEARS ORNL FEDERAL CREDIT UNION

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