McGraw-Hill Federal Credit Union


McGraw-Hill Federal Credit Union

McGraw-Hill Federal Credit Union is headquartered in East Windsor, NJ. It has branch offices and ATM locations in New York, New Jersey, Iowa, and Ohio. It has assets exceeding $240 million and currently serves the financial needs of over 16,000 members throughout the world.

Contents

Corporate history

[2] McGraw-Hill Federal Credit Union (MHFCU) was established in 1935, originally to serve employees of the McGraw-Hill Companies in New York City only. The credit union moved from its location inside the McGraw-Hill building to its current location in East Windsor, New Jersey in 2005. Its accounts are insured by the National Credit Union Administration. In July, 2010, the credit union was featured in a Good Morning America segment on debt consolidation [1]

Member services

It provides savings, checking accounts, CDs, money market accounts, IRAs, credit cards, auto loans, and home mortgages.

2009 fiscal report

For fiscal year 2009, MHFCU reported to its board of directors a record $241.7 million in total assets, and a strong 16.7 percent capital position, which is almost seven percent higher than the industry average. In addition, McGraw-Hill Federal Credit Union returned 21.9 percent of its gross revenues to its membership in dividends on the credit union’s savings products. Membership grew by nearly 10 percent to nearly 17,000.

Notable leadership

Tyler G. Hicks was the credit union’s longest serving president and CEO, holding the position from 1970-1995. He continues to serve on the credit union’s board. Shawn Gilfedder is the current president and CEO, having been appointed in 2006.

Federal bailout

On September 24, 2010, the National Credit Union Administration, which regulates corporate credit unions, announced plans to recover from bad investments in real estate and consumer loans. McGraw-Hill Federal Credit Union avoided suffering heavy losses by divesting itself of risky loans in 2008. Because of its decision to maintain capital reserves three times the industry’s minimum capital requirements, it has been able to protect its members from having to pay additional fees to the NCUA.

Social responsibility

The chief social responsibility entity of the MHFCU is its VOICE Foundation. One of its programs is its Tyler G. Hicks Scholarship, which grants awards to outstanding high school seniors, who are children of the credit union’s members. In addition, other chief beneficiary organizations include: The First Tee, National Junior Tennis League of Trenton, and the Children’s Miracle Network.

MHFCU is completing an internal “going green” effort. Actions taken to become more environmentally conscious include replacing its cleaning products and toners with those made from organic ingredients. It has installed energy-efficient shades and an automated back-up generator to make energy usage more efficient.

References

  1. ^ [1] "Good Morning America Visits McGraw-Hill Federal Credit Union."
  • [3]. Retrieved November 10, 2010

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