“You should never view your challenges as a disadvantage. Instead, it’s important for you to understand that your experience facing and overcoming adversity is actually one of your biggest advantages”. These words of Michelle Obama reign true for this past year at Catalyst Corporate Federal Credit Union. When challenges were presented, volunteers, staff and management collaborated to bring forth positive results and innovative products and services.
“This is a winning formula that has, again, added up to a very successful year,” Catalyst Corporate Board Chairman Lin Hodges stated earlier this morning at Catalyst Corporate's 11th Annual Meeting of the Members.
During the online meeting, Catalyst Corporate President/CEO Bruce Fox highlighted Catalyst’s continuous commitment to innovation with the release of new products, such as PayMōli P2P, AFS deposit fraud detection and the CECLution online platform. Fox was prefacing the launch of the new CECL accounting standard that takes effect January 1, 2023. He outlined 2022 initiatives in both financial services and payment arenas, including mortgage loan liquidity solutions, a capital planning and stress testing service and faster payments offerings.
Nevertheless, Catalyst was able to thrive in a year of uncertainty and focus on member satisfaction. “In 2021, members awarded Catalyst its highest ever Net Promoter Score of 87.9%,” Fox said. At year end, net income was $63.3 million, leverage and retained earnings ratios were 8.7 percent and 4.6 percent, respectively. With credit union liquidity on the rise in 2021, total assets under management grew significantly to $54 billion.
Hodges brought the 11th Annual Meeting to a close and encouraged everyone to join us in person at this year’s Economic & Payments Forum, September 19-21.
Board Elections
Catalyst Corporate’s membership re-elected four individuals to fill three-year terms on Catalyst Corporate’s volunteer Board of Directors. They are: Steven Devan, President/CEO of East County Schools FCU in San Diego; Syed Dinar, EVP/CFO at Texas Bay CU in Houston, Texas; Jon Hernandez, President/CEO of CalCom FCU in Long Beach, California; and Lin Hodges, President/CEO at Associated CU in Norcross, Georgia.
Other members of the board are: Yvonne Kershner, President/CEO of Brazos Valley Schools CU in Katy, Texas; Connie Cofer, SVP Finance/CFO of Communication FCU in Oklahoma City, Oklahoma; Richard Hein, President/CEO of Oregon State CU in Corvallis, Oregon; Michael Hooper, President/CEO of La Capitol FCU in Baton Rouge, Louisiana; Gail Enda, President/CEO of American Airlines FCU in Fort Worth, Texas; Greg Harden, President/CEO of Arizona Central CU in Phoenix, Arizona; and Trevor Tokishi, President/CEO of Valley Isle Community FCU in Kahului, Hawaii.
If you missed the Annual Meeting, the on-demand presentation is available, along with Catalyst Corporate’s 2021 Annual Report and related materials, under About Us /Due Diligence/Annual Meeting Materials.