WPCU Blog

Spring is a busy time at your credit union. We’re finishing first-of-year duties, most notably the completion of our external audit. We began using a new audit firm this year, BDK, LLP, a large CPA firm with extensive experience auditing large banks and credit unions. We’re pleased to report a “clean opinion” as noted in our 2011 Annual Report and proud of the results achieved for members. Financially, we are a strong credit union.

With year-end things out of the way, we’re moving forward on new initiatives I think you’ll find exciting.  The most remarkable is our upcoming change to a ...

We are pleased to report a record year in 2011 at Wright-Patt Credit Union.  The year was highlighted by a $5 million payout of excess earnings to members through our Special Patronage Dividend - our largest payment yet – significant growth in loan and deposit balances, growth in membership and growth in employment. We closed the year with nearly $2.3 billion in total assets, nearly 220,000 members and directly or indirectly supported more than 500 Miami Valley jobs.

Through our You Save or We Pay Campaign, members kept more than $20 million in their pockets by refinancing loans with WPCU. ...

As I write this message to members each month I try to convey information that helps folks understand the inner workings of the Wright-Patt cooperative. By doing so, I hope to provide a greater level of transparency than you might find at any other financial institution, further building the trust between WPCU, its members, and its employees.

Our belief is simple. We think as member-owners of this cooperative you have a right to know how your money is being managed. This includes disclosing our financial performance, discussing major priorities, and keeping you informed about other initiatives designed to make WPCU ...

Near the beginning of each year I like to think about things that make Wright-Patt Credit Union a different kind of company. Reflecting on our differences helps me consider new ways we might improve our ability to serve others.

The most striking aspect of WPCU is born of what I call “the cooperative difference.” As a co-op we exist to provide quality financial services at a reasonable cost without being driven by a profit motive.  This means we get to focus on people – members and employees – to help them make the most of their money.

Being a co-op ...

(This column was written in mid-December. However, performance data is as of November 30th. Performance is not expected to change substantially through the end of the year, and as such reflects an overall expected performance for WPCU in 2011.)

Wright-Patt Credit Union, as a not-for-profit financial cooperative, measures its success not on profitability but on value returned to key stakeholders each year. WPCU’s stakeholders include members, WPCU employees, and the credit union itself.

I’m pleased to provide to you this (nearly) year-end report of value provided by the WPCU cooperative in 2011. The year was highlighted by a $5 million payout ...

I’m pleased to report that the Wright-Patt Credit Union Board of Directors voted to return approximately $5 million in excess earnings to eligible member-owners for their use and support of the credit union during 2011 on January 4th. This is the fourth year in a row we’ve been able to pay such a dividend!

Patronage dividends like this are unique to cooperatives … you’d never find a for-profit bank giving back earnings at the end of the year. Indeed, even among credit unions only a handful make a habit of returning excess profits to their member-owners at the end of ...

On October 4th I was invited to testify before the Senate Committee on Banking, Housing, and Urban Affairs' Financial Institutions and Consumer Protection Subcommittee. I was pleased that Wright-Patt Credit Union is recognized as being a leader in offering responsible financial services and that our practices might be helpful to lawmakers.

I thought you might be interested in my written testimony – the following was delivered to the Senate subcommittee before giving my oral remarks.

Click Here to view the abbreviated version

Click Here to view the full version

Credit unions treat members with dignity and respect and are clear about what their members can expect with loans and fees, Douglas Fecher, president and CEO of Wright-Patt Federal Credit Union testified before a Senate Banking Committee's Subcommitte on Financial Institutions and Consumer Protection, on Tuesday.

The discussion, called "Consumer Protection and Middle Class Wealth Building in an Age of Growing Household Debt," revolved around the role of the new Consumer Financial Protection Bureau, which expects to confirm Richard Cordray, former Attorney General of Ohio, as its first director on Thursday. Speakers helped the committe explore how the bureau should ...

It’s strategy season at Wright-Patt Credit Union. This is the time of year your Board of Directors and staff set a course for the coming year. Our goal is to make plans for how WPCU can become more valuable to members and how best to respond to a changing world.

Planning isn’t easy. Members have a wide variety of interests. Some value higher savings rates, while others want lower loan rates. Some want new Member Centers in their neighborhood, and, as we jokingly say, some want new ATMs in their living rooms.  This input is all helpful, and we try ...

Economic news comes fast and furious these days, doesn’t it? No doubt the flood of information has many of us thinking about our money, jobs, debt ceilings, spending, and most of all, our individual prospects for the future - or our children’s future. When it comes to WPCU, you may also be wondering: How is our credit union doing during these turbulent times?

The fact is Wright-Patt Credit Union is doing well, our staff is working hard for members, and we’re enjoying sound financial results. The same can be said for most of our nation’s credit unions. The strength of credit ...