ORNL FCU 75 Years

As the COVID-19 pandemic continued into 2021, ORNL Federal Credit Union successfully balanced the financial needs of members with its own financial performance. Members took advantage of low interest rates to purchase homes and cars, even with supply shortages in both these sectors. Similarly, stimulus funds allowed other members to increase their savings balances or to pay down revolving debt. Because of rapid economic recovery, the credit union was able to fully resume its operations while keeping members and employees safe. ORNL Federal Credit Union achieved impressive financial results in 2021, most notably reaching an all time high of $3.06 billion in assets, an increase of 11.75 percent over 2020. The credit union also rewarded members with a $5 million special dividend. Despite the ongoing challenges of a global pandemic, the organization exceeded its goals. It was financially healthy and well positioned for the future.

After a pandemic-imposed one-year hiatus, the credit union’s free Summer Sessions outdoor concert series returned, featuring bluegrass and Americana bands from throughout the region.

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As the world began to feel the grasp of COVID-19 loosening in 2022, the credit union embarked on a digital banking conversion effort to replace their platform with one that would provide a competitive advantage for new services that would otherwise not be possible. As a result, new products and services were unveiled, such as multi-factor authentication for increased

online security, more flexibility in the movement of funds, crypto currency options, and enhanced administration features. Lending 360, a new direct lending platform, was also installed to reduce costs, complexity, and maintenance. Channeling all direct and indirect lending through a single platform made the credit union more efficient and flexible. In 2022, the credit union partnered with Arkatechture—a technology company dedicated to empowering organizations with a better understanding of their business through data—to officially form a new credit union service organization (CUSO). This partnership provides opportunities to enhance Arkatechture’s data analytics software, used by ORNL FCU to analyze member and product data for optimizing product and service offerings. In March, the credit union celebrated the new 7 Title office in Morristown. Because a gathering was not possible when it opened in late 2021, this was an opportunity to celebrate with the community and other business partners.

In 2021, members of the Dogwood Arts Art in Public Places program, along with officials from ORNL Federal Credit Union, celebrated one of two new sculptures in Oak Ridge. COVID restrictions prevented any celebration when it was installed in 2020.

2018-2022 SEVENTY to SEVENTY-FIVE YEARS | 85

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