ORNL FCU 75 Years
In 2006, as the world was introduced to the Wii gaming console, Twitter, and The DaVinci Code , ORNL Federal Credit Union’s membership was increasing at an annual rate of more than 10 percent. Total membership at year’s end was over 121,400. Once again, ORNL FCU was voted Best Credit Union in 2006 by the readers’ polls of both the Knoxville News Sentinel and the Oak Ridger . Although the nation experienced slower economic growth, including a slowdown in the housing market and a decrease in consumer spending, ORNL FCU’s total assets for the year reached $980 million. Product and service enhancements introduced during 2006 included health savings accounts and BALANCE Financial Fitness, a program designed to assist members in realizing their financial goals. New website services included the HomeValueBot that provided instant estimates of home values and AutoSMART, used to research a vehicle, locate a dealer, and learn about credit union financing. Podcasts were also added to provide financial education, helping members make informed financial decisions. Also in 2006, three new branch locations were opened, starting with a branch within the Kroger store in the Powell community in January. To better serve the members in the Harriman and Rockwood communities, a branch was opened in August inside the Rockwood Walmart. A new East Knoxville location was opened off Millertown Pike by the end of the year.
After three years of success offering title services through its credit union service organization, the organization explored other areas of business for further CUSO expansion. The result was a name change to CU Community Companies LLC to better reflect the target market of helping area credit unions and their members. Mortgage services were added as a new business line and the first mortgage from ORNL FCU was processed in April 2006. county school leaders, opened the area’s first in-school, student-run credit union. Located within the Austin-East Magnet High School, the branch was staffed by students under the coordination of school and ORNL FCU staff. Serving both students and faculty, it provided real-world, hands on experience and played a major role in the curriculum adopted by the school on financial matters. That year ORNL FCU, in collaboration with Knoxville city officials and
WHAT IS A CUSO? Credit union service organizations, or CUSOs, are organizations that provide services (such as financial planning or insurance) to credit union members or operational services (such as lending support, IT, or compliance) to one or more credit unions. When they’re owned by or serve more than one credit union, CUSOs help streamline productivity and expenses by pooling resources. This reduces the increasing costs of technology, staff, and regulatory compliance for all participating credit unions. CUSOs must have at least one credit union owner and most have a specialty, such as auto or mortgage loan processing services, insurance, technology resources, or financial planning.
1998-2007 GROWTH, CELEBRATION & TRIUMPH | 61
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