Annual Shareholders Meeting Results
On Friday, January 28th, 2022, Members Credit Union (MCU) held its annual shareholder's meeting. The meeting was called to order, followed by a unanimous vote to re-elect Jack V. Braswell, Jr., Jeff Seaford, and Karen Keller to serve a three-year term on the credit union's Board of Directors. President and CEO, Bob Donley, presented the results of 2021 and the plans for 2022; Mr. Donley reported that 2021 was another year faced with many challenges with COVID-19 still present. With the release of vaccines and treatments, restrictions that were in place started to lift and members were spending money and traveling. With a normal life on the horizon, new COVID-19 variants arose, putting those efforts on pause. The negative impact on our economy returned in the form of labor shortages, historical inflation, and inventory issues for all goods and services. During that time, our Financial Solutions Counselors continued to work with impacted members by temporarily lowering payments or providing extensions to make things easier for our membership.
During the first quarter of 2021, amidst the ongoing pandemic, one positive impact was our members continued positive adoption of our home banking product. As a result of the increased use of all digital products, MCU developed a new Digital Engagement Department that oversees digital banking, eStatements, online deposit applications, as well as implementing updates and integrations of new digital banking products as needed. MCU converted to CO-OP Financial Services to process VISA Debit and Credit transactions as the year progressed. With this new process, a new feature from CO-OP, called MEMCU CardNav, allows our members to have complete access to protect their cards with real-time control. Members can now place holds on their cards and set low balance alerts, spending limits, GPS restrictions, and specific merchant controls.
Looking ahead in 2022, MCU will further its technology on our online platform with the use of Artificial Intelligence. The 24/7 chatbot will be available to self-serve our members routine questions. Also, in 2022 upgrade plans for our Tell-Com phone banking product are set. MCU was proud to announce a new Manager of Training position, responsible for new and existing employee training and developing a continuing education program.
In closing, President and CEO; Bob Donley expressed his gratitude to MCUs membership, employees, and the credit union's Board of Directors for their unwavering support and loyalty throughout a very challenging and sometimes difficult 2021. The next annual shareholder's meeting is scheduled for January 2023.
Read the full report here.