Enriching Lives & Providing Peace of Mind

MassMutual Federal Credit Union 2022 Annual Report

2022 Report Credit union springfield logo MassMutual Federal Credit Union

Our Story

2022 Report Credit union springfield Heading photo 2 scaled MassMutual Federal Credit Union

Since 1962

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.

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. 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:

  • Introduction of a chatbot to our website and home banking platforms
  • An upgrade to a new and improved lending platform
  • An upgrade to a new and improved online account opening platform

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.

2022 Report Credit union springfield ceo board chair MassMutual Federal Credit Union

David Plantier / Kerry Hurley

CEO / Board Chair

For Our Members

2022 Report Credit union springfield mass mutual cover photo ideas 1 MassMutual Federal Credit Union
  • eMMa’s persona is complete. You can now chat with her 24/7 on our website, in our mobile app, and when you call!
  • An improved system for member-facing applications.
  • Digital Receipts. You can now save your receipts within MMFCU’s mobile app.
  • Credit Sense. An enhanced tool that provides basic financial educational material around credit and to help better manage your credit score.
  • Real Time Fraud Detection. This feature offers more current information about member behavior in our digital channel. It better allows us to monitor and detect potential fraud at the individual account level.

For The CoMMunity

2022 Report Credit union springfield book drive MassMutual Federal Credit Union
2022 Report Credit union springfield food drive MassMutual Federal Credit Union

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.

Blankets collected for
local homeless shelters
valued at $1,159
0 +
Pairs of socks collected for
local homeless shelters
valued at $1,691
0
Packages of food collected
for local shelters
valued at $1,140
0
High School Seniors
awarded $2,000
scholarships
0
Children's books collected for
local schools
valued at $4,225
0
Financial Education
Webinars Hosted
0
School supply packages
donated to
local schools
valued at $1,260
0
Middle School Students
won Student Essay contest
0

CoMMunities that were positively impacted by our members’ donations

  • Boston, MA (MM)
  • Cincinnati, OH (MM Ascend)
  • Lehi, UT (Financial Professional coMMunity)
  • Philadelphia, PA (Financial Professional coMMunity)
  • Seattle, WA (Financial Professional coMMunity)
2022 Report Credit union springfield B2S Drive MassMutual Federal Credit Union
2022 Report Credit union springfield blanket drive MassMutual Federal Credit Union

CoMMunity Events

Welcome Back Event

2
1
Dave Talking
The Showcase
Tori and Sam
Welcome Back

First Trunk or Treat

8
7
6
5
4
3

A Tribute to Shelly

events mm

Shelly Majka

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.

Our Team

MMFCU Employees

  • David Plantier, President & CEO
  • Christopher Brown, Chief Operating Officer
  • Lee Craig, Chief Financial Officer
  • Lynn Liquornik, Vice President of Lending
  • Jacqueline Lopez, Marketing Manager
  • Gabriele Lee, Springfield Branch Manager
  • Dawn Spear, Member Experience Manager
  • Keyla Hernandez, Lead Teller
  • Samantha Barnes, Marketing Specialist
  • Jaelani Burton-Alexander, Member Experience Assistant
  • Marie Chartrand, Mortgage Loan Officer
  • Meghan Costa, Member Experience Specialist
  • Mary Beth DeLoria, Mortgage Loan Officer
  • Samantha Dunn, Receptionist
  • Tina Fedak, Mortgage Servicing Specialist
  • Amanda Figueroa, Member Solutions Specialist
  • Sandy Frodema, Teller 
  • Sherley Gutierrez, Accounting Specialist
  • Jossy LaBella, Quality Assurance Specialist
  • Jorge Montanez, Teller
  • Jessica Pariseau, Loan Officer
  • Kathy Pelchat, Loan Servicing Specialist
  • Daiana Rivera, Member Experience Specialist
  • Alcie Rodriguez, Senior Member Experience Specialist
  • Lynn Shea, Senior Member Experience Specialist
  • Brian Socha, Loan Officer
  • Molly Terpos, Senior Accounting Specialist
  • Nancy Thurber, Accounting Specialist
  • Ah’Tavia Wright, Member Experience Specialist
  • Maryann Vecchiarelli, Senior Member Experience Specialist
  • Amelia Craig, Data Specialist

Board Members

  • Kerry Hurley, Chairperson
  • Scott Davis, Clerk
  • David Plantier, President & CEO
  • Sean Anderson, Director
  • Allan Campbell III, Director
  • Bethany Cowles, Director
  • Ling Cui, Director
  • Ron Desautels, Director
  • Charles Gray, Director
  • Ronald Jackson, Director Emeritus
  • Ken Rickson, Director
  • Jessica Shea, Director
 
A special thank you to Vanessa Morin and Amanda Wallace for serving as directors for the last 6 years.

Report of the Supervisory Committee

To Members at the Annual Meeting - April 5, 2023

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.

Respectfully Submitted,

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

Balance Sheets

2022

Unaudited

2021

Audited

Assets

Cash On Hand + in banks
2022
$ 0
2021
$ 0
$ 0
$ 0
Loans receivable
2022
0
2021
0
0
0
Allowance for loan loss
2022
( 0 )
2021
( 0 )
( 0 )
( 0 )
Investment securities held to maturity
2022
0
2021
0
0
0
Investment securities available for sale
2022
- 0
2022
- 0
- 0
- 0
Corporate Credit Union Paid-in-Capital
2022
0
2021
0
0
0
Other Investments
2022
0
2021
0
0
0
Liquid assets
2022
( 0 )
2021
0
( 0 )
0
Accrued interest receivable
2022
0
2021
0
0
0
Accounts receivable
2022
0
2021
0
0
0
Furniture and fixtures
2022
0
2021
0
0
0
Pre-paid expenses
2022
0
2021
0
0
0
Total Assets
2022
$ 0
2021
$ 0
$ 0
$ 0

Liabilities and Members' Equity

Liabilities
Regular Shares
2022
$ 0
2021
$ 0
$ 0
$ 0
Checking (Share Drafts)
2022
0
2021
0
0
0
Money Market Shares
2022
0
2021
0
0
0
Certificates of Deposits
2022
0
2021
0
0
0
IRA Accounts
2022
0
2021
0
0
0
Total Members’ Shares and Deposits
2022
0
2021
0
0
0
Accrued expenses and other liabilities
2022
0
2021
0
0
0
Total Liabilities
2022
0
2021
0
0
0
Members' equity
Regular reserve
2022
0
2021
0
0
0
Undivided earnings
2022
0
2021
0
0
0
Unrealized gain/(loss) on AFS securities
2022
- 0
2021
- 0
- 0
- 0
Total Members' Equity
2022
0
2021
0
0
0
Total Liabilities and Members' Equity
2022
$ 0
2021
$ 0
$ 0
$ 0

Income Statements and Surplus

2022

Unaudited

2021

Unaudited

Income Statements

Revenues
Interest from Loans
2022
$ 0
2021
$ 0
$ 0
$ 0
Investment income
2022
0
2021
0
0
0
Other Income
2022
0
2021
0
0
0
Total Revenues
2022
0
2021
0
0
0
Expenses
Operating Expenses
2022
0
2021
0
0
0
Dividends to Members
2022
0
2021
0
0
0
Non-Operating Expenses
2022
- 0
2021
- 0
- 0
- 0
Total Expenses
2022
0
2021
0
0
0
Net Income
2022
$ 0
2021
$ 0
$ 0
$ 0

Surplus

Net Income
2022
$ 0
2021
$ 0
$ 0
$ 0
Loan losses net of recoveries
2022
( 0 )
2021
( 0 )
( 0 )
( 0 )
Transfers from loan loss provision
2022
( 0 )
2021
0
( 0 )
0
Net increase/(decrease) to loan loss reserve
2022
( 0 )
2021
( 0 )
( 0 )
( 0 )
Net unrealized (gain)/loss on AFS securities
2022
- 0
2021
- 0
- 0
- 0
Net increase/(decrease) to surplus
2022
$ 0
2021
$ 0
$ 0
$ 0

Here's To 2022!

1295 State Street, Springfield, MA 01111-0001
800.940.9466 | www.massmutualfcu.org

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