MassMutual Federal Credit Union was founded by 35 MassMutual employees who wanted to help themselves and their co-workers reach their financial goals. They envisioned a credit union that offered loans with affordable rates and manageable terms and encouraged financial security by providing a safe place to deposit savings and earn dividends. They pooled their money and invited others to join. Truly “People Helping People.”
Starting from the shared purpose of a small group of MassMutual employees in 1962, MMFCU has grown to include MassMutual employees, retirees, agents, those who work on the MassMutual campus, and their families. Today, we are proud to continue to serve the unique needs of 13,000 members in 46 states.
The MassMutual Federal Credit Union (MMFCU) was chartered in 1962 to provide alternative and affordable financial services options to the employees of the Massachusetts Mutual Life Insurance Company (MassMutual). The employees of MassMutual chose to establish a cooperative, not-for profit financial institution whose board of directors is elected by and from its members. We are proud our mission remains consistent with our founders – To improve the financial well-being of our members by providing valued products and exceptional service.
Since our inception, numerous events and economic circumstances have caused disruption and hardship to our members. No matter the year or the event, change has been a constant and MMFCU has been a constant for our members throughout, no matter the headwinds. 2022 proved to be a particularly challenging year due to continuing repercussions from the COVID-19 pandemic, and the resulting economic challenges led by skyrocketing inflation and an unprecedented rise in interest rates.
Despite the unforeseen challenges in the economy, MMFCU had a positive year with respect to our overall operations. We are proud to report that the credit union remains financially healthy and our purpose to enrich the lives of our members remains our priority. Additionally, our financial results and further investments in capital projects highlight the overall strength of your credit union.
As our members continue to shift their preference of banking to the use of digital channels, we continue our strategic initiatives to build upon our digital platforms to better serve our members by providing a Digital First option for our products and services. We remain committed to the enhancement of our digital platform and its overall experience to ensure we meet our members needs today, and in the future.
A sample of the items we implemented this past year that supports our commitment to enhance our digital experience include:
Future economic challenges create opportunities for the MMFCU, and we continue to position ourselves accordingly to maximize the benefits and value to our members. Therefore, we continue to look forward prudently, anticipate the future needs of our members, improve upon the many products and services offered, and pursue strategic opportunities when presented. MMFCU is committed to providing the guidance, products, and services necessary to assist our members no matter the challenges ahead.
We would like to express our gratitude to our members for a successful year despite the many economic challenges we all faced. We appreciate your continued trust and support. We look forward to what 2023 brings as we continue assisting you on your financial journey.
CEO / Board Chair
The Year of RTO (Return to Office)
We didn’t know what to expect going into 2022, however, the transition from many working remote or hybrid to coming back to the building has brought back a little sense of normalcy. Members were once again able to drop donations off at our lobby and participate in face-to-face events.
CoMMunities that were positively impacted by our members’ donations
2.8.1965 – 8.23.22
This past fall, we lost one of our own. Shelly was not just one of our long-time teammates, but also our friend. She passed away after a three-year, courageous battle with cancer. Shelly was an integral part of our team and will be sorely missed. She loved her credit union and all the members she helped serve over the years.
The Supervisory Committee, in compliance with the Federal Credit Union Act and MassMutual Federal Credit Union’s bylaws is responsible to make or cause to be made an annual audit of the credit union and such supplementary audits as it deems necessary or as may be ordered by the Board of Directors. During this past year, the Supervisory Committee engaged the independent auditing firm of CliftonLarsonAllen LLP to conduct an audit of the Credit Union’s financial statements. That audit concluded that the financial statements present fairly, in all material respects, the financial position of MassMutual Federal Credit Union as of March 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
CliftonLarsonAllen LLP (CLA LLP) was engaged to conduct a review of the Automated Clearing House (ACH) operations as well as a verification of members’ accounts. CLA LLP was also engaged to review compliance with applicable Bank Secrecy Act rules, Office of Foreign Assets Control (OFAC) regulations, and S.A.F.E. Act requirements. The audits and reviews produced generally favorable results along with some recommendations for Credit Union Managements consideration.
Various aspects of the Credit Union’s operations, processes, policies, and financial records are examined by the Supervisory Committee, based upon an annual risk assessment. All activities, audit results and recommendations were discussed and reviewed with MassMutual Federal Credit Union management and the Board as applicable during the year. Action items are recorded and tracked in a log of outstanding items to ensure recommendations are actively implemented. In addition, on a quarterly basis, the Supervisory Committee attended Board of Directors Meetings and informed the Board of the Supervisory Committee’s activity.
As members of the Supervisory Committee, we believe that we are fulfilling our federally required obligations and, in our opinion, the records and accounts of the MassMutual Federal Credit Union are in proper order.
Jess Shea, Supervisory Committee Chairperson
Jerry Blais, Supervisory Committee Member
Paul Malandrinos, Supervisory Committee Member
Mary Taskey, Supervisory Committee Member
Brandon Williams, Supervisory Committee Member