- Added a Chatbot, eMMa, feature to the website, online banking, and mobile.
- Upgraded to a brand new website in March.
- Text banking feature added. Now our members can text a personal banker anytime, anywhere.
Let's Grow Together
MassMutual Federal Credit Union 2021 Annual Report
A Message from our CEO & Board Chair
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. As we celebrate our 60th anniversary, we are proud our mission remains consistent with our founders – to foster and support the financial well-being of its members.
For the past 60 years, numerous events and economic circumstances have caused disruption and hardship to our members. No matter the year or the event, MMFCU has been a constant for our members throughout. With the onset of COVID-19, the past 2 -years have been one of those events. We are proud to report that the credit union remains financially healthy and our mission to serve the financial needs of our members remains our priority.
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.
Despite many challenges throughout 2021, such as the ongoing impact of COVID-19, unplanned and historic shortages in housing and auto inventories, MMFCU had a very positive year with respect to our overall operations. Additionally, our financial results and further investments in capital projects showcase the overall strength of your credit union.
These many challenges and changes created 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.
As we celebrate our 60th year, we would like to express our gratitude to our members for a very successful year despite the many challenges we all faced. We appreciate your continued trust and support. We look forward to what 2022 brings as we continue assisting you on your financial journey.
For the past 60 years, numerous events and economic circumstances have caused disruption and hardship to our members. No matter the year or the event, MMFCU has been a constant for our members throughout. With the onset of COVID-19, the past 2 -years have been one of those events. We are proud to report that the credit union remains financially healthy and our mission to serve the financial needs of our members remains our priority.
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.
Despite many challenges throughout 2021, such as the ongoing impact of COVID-19, unplanned and historic shortages in housing and auto inventories, MMFCU had a very positive year with respect to our overall operations. Additionally, our financial results and further investments in capital projects showcase the overall strength of your credit union.
These many challenges and changes created 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.
As we celebrate our 60th year, we would like to express our gratitude to our members for a very successful year despite the many challenges we all faced. We appreciate your continued trust and support. We look forward to what 2022 brings as we continue assisting you on your financial journey.
David Plantier / Kerry Hurley
CEO / Board Chair
For Our Members
For The Community
0
+
Blankets collected for
local homeless shelters
local homeless shelters
0
Pairs of socks collected for
local homeless shelters
local homeless shelters
0
Packages of food collected
for local shelters
for local shelters
0
Children's books collected for
local elementary schools
local elementary schools
0
Beds funded
through donations for
"A Bed For Every Child"
through donations for
"A Bed For Every Child"
0
School supply packages
donated to
local schools
donated to
local schools
Report of the Supervisory Committee
To Members at the Annual Meeting - April 6, 2022
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, 2021 and 2020, 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.
Respectfully Submitted,
Jess Shea, Supervisory Committee Chairman
Jerry Blais, Supervisory Committee Member
Paul Malandrinos, Supervisory Committee Member
Brandon Williams, Supervisory Committee Member
Respectfully Submitted,
Jess Shea, Supervisory Committee Chairman
Jerry Blais, Supervisory Committee Member
Paul Malandrinos, Supervisory Committee Member
Brandon Williams, Supervisory Committee Member
Jess Shea
Supervisory Committee Chair
Jerry Blais
Supervisory Committee Member
Paul Malandrinos
Supervisory Committee Member
Brandon Williams
Supervisory Committee Member
Balance Sheets
2021
Unaudited
2020
Audited
Assets
Cash On Hand + in banks
$
0
2021
$
0
2020
$
0
$
0
Loans receivable
0
2021
0
2020
0
0
Allowance for loan loss
(
0
)
2021
(
0
)
2020
(
0
)
(
0
)
Investment securities held to maturity
0
2021
0
2020
0
0
Investment securities available for sale
-
0
2021
-
0
2020
-
0
-
0
Corporate Credit Union Paid-in-Capital
0
2021
0
2020
0
0
Other Investments
0
2021
0
2020
0
0
Liquid assets
0
2021
0
2020
0
0
Accrued interest receivable
0
2021
0
2020
0
0
Accounts receivable
0
2021
0
2020
0
0
Furniture and fixtures
0
2021
0
2020
0
0
Pre-paid expenses
0
2021
0
2020
0
0
Total Assets
$
0
2021
$
0
2020
$
0
$
0
Liabilities and Members' Equity
Liabilities
Regular Shares
$
0
2021
$
0
2020
$
0
$
0
Checking (Share Drafts)
0
2021
0
2020
0
0
Money Market Shares
0
2021
0
2020
0
0
Certificates of Deposits
0
2021
0
2020
0
0
IRA Accounts
0
2021
0
2020
0
0
Total Members’ Shares and Deposits
0
2021
0
2020
0
0
Accrued expenses and other liabilities
0
2021
0
2020
0
0
Total Liabilities
0
2021
0
2020
0
0
Members' equity
Regular reserve
0
2021
0
2020
0
0
Undivided earnings
0
2021
0
2020
0
0
Unrealized gain/(loss) on AFS securities
$
0
2021
$
0
2020
-
0
-
0
Total Members' Equity
0
2021
0
2020
0
0
Total Liabilities and Members' Equity
$
0
2021
$
0
2020
$
0
$
0
Income Statements and Surplus
2021
Unaudited
2020
Unaudited
Income Statements
Revenues
Interest from Loans
$
0
2021
$
0
2020
$
0
$
0
Investment income
0
2021
0
2020
0
0
Other Income
0
2021
0
2020
0
0
Total Revenues
0
2021
0
2020
0
0
Expenses
Operating Expenses
0
2021
0
2020
0
0
Dividends to Members
0
2021
0
2020
0
0
Non-Operating Expenses
-
0
2021
0
2020
-
0
0
Total Expenses
0
2021
0
2020
0
0
Net Income
$
0
2021
$
0
2020
$
0
$
0
Surplus
Net Income
$
0
2021
$
0
2020
$
0
$
0
Loan losses net of recoveries
(
0
)
2021
(
0
)
2020
(
0
)
(
0
)
Transfers from loan loss provision
0
2021
0
2020
0
0
Net increase/(decrease) to loan loss reserve
(
0
)
2021
(
0
)
2020
(
0
)
(
0
)
Net unrealized (gain)/loss on AFS securities
-
0
2021
-
0
2020
-
0
-
0
Net increase/(decrease) to surplus
$
0
2021
$
0
2020
$
0
$
0