President's Corner Spring 2023 - Yolo Federal Credit Union Skip to main content
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President’s Corner Spring 2023

It has been a bit rainy, and it feels like Punxsutawney Phil deceived us again; however, I’m hopeful that signs of Spring will show up soon!

We had a great start to the year, and our financial position remains very strong. We are investing in some technology enhancements to improve efficiency and enhance the member experience. Our Interactive Teller Machines (ITMs) are already live, and utilization is growing rapidly. We will also be enhancing our digital banking platform as part of a technology upgrade, which will be more user-friendly and provide some great new features to make life a little easier.

Although we are not impacted directly, I’d be remiss if I didn’t comment on the recent failure of Silicon Valley Bank (SVB). First, SVB is an entirely different kind of banking institution. They largely serve technology start-ups and venture capitalists. We serve individuals, families, and small local businesses. SVB is also a for-profit bank, subject to pressures from stockholders to make money. Without being too detailed, I can tell you that they were taking risks that we, and other credit unions, simply don’t take.

Credit Unions are not-for-profit financial cooperatives owned by our members. We don’t have stockholders. Our Board of Directors are volunteers who represent our members and work with management to ensure the ongoing safety and soundness of the credit union.

All deposits are insured by the National Credit Union Share Insurance Fund (similar to but not associated with the FDIC) for up to $250,000 per individual, with an additional $250,000 insurance for funds held in IRAs. The credit union industry is well-regulated and very strong. In fact, no credit union members have ever lost a penny of insured savings at a federally insured credit union. Ever.

Simply put, we are a safe place to keep your money. We also continue to pursue our mission of helping people achieve financial success. One way we can do this is by offering lower loan rates and fewer fees. In fact, if you work as a first responder or in the healthcare industry, you’re eligible for a .25% discount on a fixed-rate loan. We are grateful for the work you do in our community and for helping others when they are unable to help themselves.

I wish you all a happy Spring. We’ll see you around town!

Jenee Rawlings
President/CEO

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