Community Service with the Personal Touch

September 23, 2014
/   Insights

Question: Community branch, personal service, mobile banking—which is the odd one out? Answer: None. Otherwise, the industry is in trouble. For some time now, there have been discussions about the future of community banks...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

In our latest FI Highlight we spoke with Robert G. Allen, President/CEO of Teachers Federal Credit Union (TFCU). Robert shared insights into how TFCU sets themselves apart from other credit unions and how they cater to and support the local community.

In a few sentences, can you tell us about Teachers Federal Credit Union?

Teachers Federal Credit Union (TFCU) was founded in 1952 when seven teachers pooled $5.00 each and received a credit union charter.  Today, we continue to be a financial cooperative that has grown to over 235,000 members and nearly $5 billion in total assets. Our employees exclusively live and work on Long Island.

Can you tell us about a recent initiative Teachers Federal Credit Union has deployed?

TFCU recently launched our weekly TFCU Artisanal Farmers Market in the parking lot of our Hauppauge, NY headquarters that is going on through October 30. Instead of just lending money to small businesses here on Long Island, we wanted to take a more active role in nurturing the growth of up-and-coming local businesses. The market gives our vendors an active platform to sell their products, and gives our members and neighbors access to locally-grown food and products.

Tell us, why TFCU has such a strong commitment to supporting the local community?

As Long Islanders ourselves, TFCU is directly invested in the success of both Nassau and Suffolk Counties. Long Island has a reputation of wealth thanks to the national prestige of areas like Nassau’s Gold Coast or the Hamptons, but there is a variety of community needs that we work to address. We target causes that are “off the beaten path” in a sense – local food pantries, focused needs of school districts, village animal shelters.

Can you provide more insight into the ‘teach a man to fish’ approach?

Our financial literacy efforts teach children from an early age that money, like anything else, needs to be handled with a balanced approach. By empowering educators to teach financial literacy, children learn the importance of strong financial habits early on, we’re helping create a new generation of fiscally-savvy Long Islanders.

What types of outcomes have you seen in the local community from this initiative?

Our community outreach efforts have helped TFCU become a go-to partner for various organizations. Our reputation is one of an institution that rolls up its sleeves and works alongside their fellow Long Islanders when the need arises. We’ve seen countless individuals rebound from unfortunate circumstances brought upon by Superstorm Sandy, school children learn the true value of money management, and local groups be able to expand their scope of services thanks to our support.

What else do you think makes TFCU stand out among other credit unions?

We are open to just about anybody who works, lives or worships on Long Island. As a credit union, we have no stockholders, and as more people understand the benefits that a cooperative provides, we continue to grow and provide more employment to the region.


Want to hear more from Teachers Federal Credit Union? Like them on Facebook or follow them on Twitter.

Think your FI deserves special recognition? Submit your FI here.

(368)

Insights

Banking.com’s perspective on industry news and trends

(216)

Spotlight

Must-read news and insights from financial industry leaders

(90)

Voices

Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp