A number of credit union CEOs and Board Chairs met with Minnesota House Representative Sondra Erickson and Representative Pat Garofalo at a luncheon hosted by TruStone Financial Federal Credit Union on June 8, 2012.
The luncheon for education-based credit unions in Minnesota, a first of its kind, aimed to discuss education reform and how it impacts credit unions whose primary base is comprised of people from the education sector.
Education Finance Committee Chair, MN Representative Pat Garofalo shared insight to challenges for education to keep up with technology, demographics and differences between school districts, “There are many similarities between school districts and credit unions,” said Garofalo. “The need to keep up with rapidly changing technology while strengthening relationships with the teachers, local communities and youth of tomorrow is key in the success of both financial institutions and the education sector.”
Education Reform Committee Chair, MN Representative Sondra Erickson, also a former high school English teacher said, “What all good teachers have in common is that they set high standards for their students and do not settle for anything else.” TruStone Financial CEO, Tim Bosiacki, agreed the same theory can be applied to credit unions, “TruStone Financial sets high standards for service to our members, dedication to our education base, and understanding the complex issues educators face today, while continuing to make an impact in the communities in which we serve.”
This first roundtable, with hopes there will be several more, shows a common bond of a continued commitment to raise questions and discuss the opportunities and threats facing education and education-based credit unions. “The luncheon was a cooperative effort to hear first-hand what is happening with education reform in Minnesota. This is the same cooperative force driving credit unions today,” said Bosiacki.
“As the largest teacher-based credit union in Minnesota, we feel TruStone can play an important role in in Minnesota’s education reform, and everyone in attendance today, including Representatives Erickson and Garofalo, agree,” said TruStone’s Chairman of the Board, Stephen Bohlig.
TruStone Financial Federal Credit Union (formerly Teacher Federal Credit Union) was founded in 1939, has $739 million in assets and more than 60,000 members at eight branch locations throughout Minnesota. TruStone is a not-for-profit financial institution that provides a full line of banking services.