WASHINGTON–Three people were recognized here with the U.S. credit union movement’s highest honor, and they in turn extolled their fellow CU leaders to not forget how many members still live payday to payday, to make serious commitments to inspiring others, and to hire a new generation who will carry on the passion.
The National Credit Union Foundation hosted its annual Herb Wegner Memorial Awards dinner in conjunction with CUNA’s GAC on Monday night. It was the largest-ever Wegner dinner, with more than 1,000 people on hand.
Here’s a look at why each of the three winners was recognized and what they had to say.
Herb Wegner Memorial Outstanding Individual Achievement Award.
John Fiore, retired CEO, Andigo Credit Union
Director, Andigo Credit Union and Director Emeritus with Alloya Corporate FCU
John Fiore was recognized for his more than 50 years of leadership in credit unions, primarily as CEO of what was once Motorola Employee’s Credit Union and today is Andigo Credit Union. Fiore played an especially critical role in the chartering of Alloya Corporate FCU in the wake of the corporate credit union crisis of a decade ago.
The National Credit Union Foundation has a full tribute here.
John Fiore accepting Wegner Award
Fiore began in credit unions at age 21 after an uncle alerted him to a job at Motorola Employee’s CU. In a video prior to his remarks, Fiore said it “didn’t take me too long to realize what my real purpose was. I realized my real purpose was to help people.”
Fiore noted he had one opportunity during his career to leave credit unions for more money, but his wife told him his passion for credit unions was more important than the bigger paycheck, and it became a life-long career.
Chartering a New Corporate
Fiore said he is most proud of having helped to charter Alloya, which has 1,400 member CUs today. “It’s a great example of how we can work together for the benefit of the movement,” said Fiore.
Fiore, who met his wife, Diane, in 1969 while she also worked at MECU, said the first time he ever heard of a credit union was when his parents bought a car.
“The first time I heard of a credit union was when I was nine years old. My parents replaced our old Hudson Hornet with a 1957 Plymouth Belvedere financed through the credit union at Schwinn bicycle, where my mother worked,” he recalled. “Back then, people worked so hard for things. Little did I know 12 years later I would accept a position as a loan interviewer for a whopping $115 a week with the $7 million Motorola credit union. I really thought I had arrived.
Job Isn’t to Make Loans
“In short order I realized my job wasn’t to make loans, it was to help people. We were much more than a financial institution to our members,” he continued. “Over time I enjoyed what I was doing so much I couldn’t imagine doing anything else. Sixteen years after joining the credit union he was named CEO, a position he held for 29 years.
John Fiore speaks to Wegner dinner.
“I owe so much to this movement and I hope I paid it back in a small way,” Fiore said.
Fiore urged his audience and credit unions to recognize that they remain as “relevant” today as when he first was hired.
“More than half of U.S. adults live payday to payday. The need for credit unions still exists more than ever,” he said. “When I started there were 24,000 credit unions. Today, there are about 5,000. But we’ve grown from 21 million members to 115 million. Americans have more opportunity and more reasons to join credit unions than ever before.
“But it takes more than awareness to join. We talk about how credit unions are different. Are those differences enough and will they always be there?” asked Fiore. “What I do know is our purpose will always be there, to help people. The purpose of banks is to make profits. We need to track those stories of how we are helping people. We need to share those stories, most of all with our employees to reinforce our true purpose of helping people.
A Bright Future, If…
“I see a bright future for credit unions in what we can accomplish together,” Fiore concluded. “Keep hiring young people who have a passion for helping people. They will protect this movement and help it grow and exist in the future.”
Herb Wegner Memorial Outstanding Individual Achievement Award
Teresa Freeborn, president and CEO, Xceed Financial Credit Union
Freeborn was recognized for a distinguished career in credit unions of more than 40 years that began in Canada before moving to the United States. Freeborn moved from marketing into the CEO’s job, and has overseen growth at her own credit union as well as a statewide awareness effort in California and then as chair of the steering committee for what is now CUNA’s national Open Your Eyes initiative.
Teresa Freeborn accepting Wegner Award.
The National Credit Union Foundation has a fuller tribute here.
Noble Work
In a video introducing Freeborn, she noted her first experience in CUs was with Delta Fisherman’s CU in Tsawwassen, British Columbia, where she began as a teller.
“I did not set out to make credit unions a career. I was going to do something noble. It turns out working at a credit union is noble work,” said Freeborn.
Freeborn eventually caught the eye of what was then Hughes Aircraft Employees FCU, at which she led a rebranding to Kinecta FCU. She then moved to Xceed Financial, overseeing another rebranding from what was a credit union for Xerox employees. “Over the course of my four decades with this beautiful credit union movement I have been blessed to have experienced so many highlights, but standing here this evening does count as my brightest,” said Freeborn.
It’s Not About Being CEO
Freeborn, who credited her mother and father for their support, said it’s not about being CEO, instead it’s about a lifetime commitment to an entire industry.
“Ours is a movement that has always been driven by everyday women and men striving to build better lives and futures,” said Freeborn. “I ask that as you leave this room you make a serious commitment to inspire that next generation of leaders. Our movement’s success does not rely on an individual credit union’s success, but it does rely on future leaders. To all of you young CU women and men who have a little flutter in your hearts about this movement, this award is dedicated to you.”
Herb Wegner Outstanding Individual Achievement Award
Maurice Smith, CEO, Local Government Federal Credit Union
Smith’s resume is long and distinguished. He began in credit unions 35 years ago as a loan officer with State Employees CU in North Carolina, and joined LGFCU in 1992 as EVP before being promoted to president in 1999, and then being named CEO in 2017.
Maurice Smith accepting Wegner Award.
Smith spearheaded the creation of Civic Federal Credit Union (FCU), which launched in January 2019, was instrumental in the creation of the Carolinas Credit Union League Foundation, and recently served as chairman of CUNA. Smith completed law school in 2005.
A full tribute to Smith can be found here.
Lessons From a Father
In a video prior to his introduction, Smith credited his father, whom he said he idolized, and farm work as a child for instilling in him a respect for hard work. Smith wrote a book, Sowing Seeds, as a tribute to his father.
Smith said he has strived to change North Carolina through the cooperative finance model, observing, “It’s going to come down to our ability to convince people we can help their dreams come true.”
In accepting the Wegner Award, Smith stressed it has been a “team” of people who have made it possible.
“We hire people with this Pollyannaish view that they can change the world. That’s why we hire them," he said.
Smith, who championed diversity, equity and inclusion while on the CUNA board, told his audience, “The credit union movement is better when every voice is around the table and every culture is heard.”
More Than a Commodity
Beyond that, Smith urged credit unions to not forget what their real differentiation is.
“You have to admit this business we’re in is a commodity business. Auto loans. Checking accounts. To the untrained eye it looks like every other financial institution, except this movement has a heart and a soul and a commitment and passion to care for other people, and that is epitomized through the National Credit Union Foundation,” he said. “That’s what separates us from everybody else in every other industry, the compassion we have for other people.”