ORNL FCU 75 Years

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In 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, which brought sweeping financial reforms in response to the anti-consumer behaviors of big banks responsible for the financial crisis. Although directed primarily at large, complex US financial institutions, the act also impacted community banks and credit unions despite their proven commitment to responsibly serve their members. With the Great Recession still hovering, members needed a trusted financial advisor in their credit union to weather those troubled times and help them in achieving their financial goals. The SMART financial education program provided a customized one-on-one approach to personal finance. Free educational seminars were also held throughout the year to complement this program and drew crowds eager to learn more about smart personal finance. And while the full impact of the Dodd-Frank Act on ORNL Federal Credit Union was not yet fully known, initial implementation costs associated with the new rules were formidable. Despite this, the credit union closed 2010 with a membership of more than 154,600 and total assets exceeding $1.2 billion.

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With the death of Osama bin Laden, the shooting of US Representative Gabby Giffords, and the trials of Casey Anthony and Amanda Knox capturing public attention, 2011 found ORNL Federal Credit Union under new leadership and in good financial condition. In the face of sweeping financial reform and continuing turbulence in global, national, and local economies, it boasted more than 150,000 members and total assets of more than $1.3 billion.

The federal Consumer Financial Protection Bureau, born from the Dodd-Frank Act, was established to mandate the safeguarding

and education of consumers in the financial services marketplace to ensure fairness and transparency.

OUR OWN WORDS Many of our members are devoted to a favorite manager or representative. To them, our branches are like a second home: they’re not just a financial institution, they’re also a social institution. Until I retired, I had people who would only call me anytime they needed something. There were plenty of people who wouldn’t even use the convenience of an ATM to get cash; they preferred to visit a branch because to them, going inside the branch and talking to our employees was like catching up with their friends and family.

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In 2012, a new mission statement made its debut: becoming the preferred Credit Union in East Tennessee by delivering unparalleled, enhanced member value . To help make that goal a reality, ORNL Federal Credit Union adopted a new online banking system, restructured to centralize loan underwriting, and announced plans to open its thirty second branch. Results for the year

HARRIET WALKER Board of Directors

68 | 75 YEARS ORNL FEDERAL CREDIT UNION