McGraw-Hill Federal Credit Union
Encyclopedia
McGraw-Hill Federal Credit Union is headquartered in East Windsor
, NJ. It has branch offices and ATM locations in New York, New Jersey, Iowa, and Ohio. It has assets exceeding $240 million and currently serves the financial needs of over 16,000 members throughout the world.
Companies in New York City only. The credit union moved from its location inside the McGraw-Hill building to its current location in East Windsor, New Jersey in 2005. Its accounts are insured by the National Credit Union Administration
. In July, 2010, the credit union was featured in a Good Morning America
segment on debt consolidation
, which regulates corporate credit unions, announced plans to recover from bad investments in real estate and consumer loans. McGraw-Hill Federal Credit Union avoided suffering heavy losses by divesting itself of risky loans in 2008. Because of its decision to maintain capital reserves three times the industry’s minimum capital requirements, it has been able to protect its members from having to pay additional fees to the NCUA.
. One of its programs is its Tyler G. Hicks Scholarship, which grants awards to outstanding high school seniors, who are children of the credit union’s members. In addition, other chief beneficiary organizations include: The First Tee
, National Junior Tennis League of Trenton, and the Children’s Miracle Network.
MHFCU is completing an internal “going green” effort. Actions taken to become more environmentally conscious include replacing its cleaning products and toners with those made from organic ingredients. It has installed energy-efficient shades and an automated back-up generator to make energy usage more efficient.
East Windsor Township, New Jersey
-Demographics:As of the census of 2000, there were 24,919 people, 9,448 households, and 6,556 families residing in the township. The population density was 1,592.8 people per square mile . There were 9,880 housing units at an average density of 631.5 per square mile...
, NJ. It has branch offices and ATM locations in New York, New Jersey, Iowa, and Ohio. It has assets exceeding $240 million and currently serves the financial needs of over 16,000 members throughout the world.
Corporate history
http://www.mcgrawhillfcu.org McGraw-Hill Federal Credit Union (MHFCU) was established in 1935, originally to serve employees of the McGraw-HillMcGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
Companies in New York City only. The credit union moved from its location inside the McGraw-Hill building to its current location in East Windsor, New Jersey in 2005. Its accounts are insured by the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
. In July, 2010, the credit union was featured in a Good Morning America
Good Morning America
Good Morning America is an American morning news and talk show that is broadcast on the ABC television network; it debuted on November 3, 1975. The weekday program airs for two hours; a third hour aired between 2007 and 2008 exclusively on ABC News Now...
segment on debt consolidation
Member services
It provides savings, checking accounts, CDs, money market accounts, IRAs, credit cards, auto loans, and home mortgages.2009 fiscal report
For fiscal year 2009, MHFCU reported to its board of directors a record $241.7 million in total assets, and a strong 16.7 percent capital position, which is almost seven percent higher than the industry average. In addition, McGraw-Hill Federal Credit Union returned 21.9 percent of its gross revenues to its membership in dividends on the credit union’s savings products. Membership grew by nearly 10 percent to nearly 17,000.Notable leadership
Tyler G. Hicks was the credit union’s longest serving president and CEO, holding the position from 1970-1995. He continues to serve on the credit union’s board. Shawn Gilfedder is the current president and CEO, having been appointed in 2006.Federal bailout
On September 24, 2010, the National Credit Union AdministrationNational Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
, which regulates corporate credit unions, announced plans to recover from bad investments in real estate and consumer loans. McGraw-Hill Federal Credit Union avoided suffering heavy losses by divesting itself of risky loans in 2008. Because of its decision to maintain capital reserves three times the industry’s minimum capital requirements, it has been able to protect its members from having to pay additional fees to the NCUA.
Social responsibility
The chief social responsibility entity of the MHFCU is its VOICE FoundationVoice Foundation
The VOICE Foundation is a 501 non-profit organization that promotes and manages the credit union's charitable activities and participates in financial literacy education and other programs that reflect the interests of our membership and the local community...
. One of its programs is its Tyler G. Hicks Scholarship, which grants awards to outstanding high school seniors, who are children of the credit union’s members. In addition, other chief beneficiary organizations include: The First Tee
The First Tee
The First Tee, a youth development organization, impacts the lives of young people by providing educational programs that build character, instill life-enhancing values and promote healthy choices through the game of golf...
, National Junior Tennis League of Trenton, and the Children’s Miracle Network.
MHFCU is completing an internal “going green” effort. Actions taken to become more environmentally conscious include replacing its cleaning products and toners with those made from organic ingredients. It has installed energy-efficient shades and an automated back-up generator to make energy usage more efficient.