Quarterly Updates

I would like to thank each of you for your continued membership and support of Homefield Credit Union, and for allowing us to be part of your financial journey. The Credit Union’s commitment to excellence remains unwavering. We are dedicated to delivering exceptional products and services to our members and remain committed to meeting the needs of individuals, families, businesses, and organizations throughout our market area. As Homefield Credit Union continues to play an active role within the communities we serve, we are able to build stronger, more connected relationships with our members, and better understand the unique needs and challenges they face.

I would also like to take this opportunity to thank our dedicated volunteer Board of Directors. They serve without compensation, and every member and employee of our credit union benefits from the board’s passion, dedication, wealth of experience and expertise, measured decision making, and genuine concern for the financial well-being of each member.

Whether you’re looking forward to international travel or a long weekend getaway, don’t forget to plan ahead for stress-free access to your money. To help protect your Homefield Credit Union account(s), all debit card transactions originating outside of the U.S. are automatically blocked unless you ask us to enable your card for international use. Credit card transactions may also be blocked while traveling since certain transactions may differ from your typical activity.  It’s a good idea to take at least a few methods of payment with you when traveling, such as cash, your primary debit card and credit card, and a back-up credit card. You should also know how to get in contact with your card issuers in case you need to confirm authorized purchases or request other assistance. We recommend Homefield Credit Union members provide us with travel dates and destination(s) before leaving for vacation. You may send us a secure message on our online banking site; call us at 508-839-5493; visit one of our branch offices; or submit travel dates using the Homefield Credit Union mobile app.

The Federal Trade Commission reports fraudulent messages from scammers pretending to be financial institutions are common and can typically cost victims $3,000 or more on average. You may have received messages from scammers pretending to be from a bank or credit union security department, claiming activity on your account needs immediate action. Don’t fall for schemes to get your account numbers and login information. Homefield Credit Union will NEVER contact you asking for any personal financial information. If you believe you have been a victim of fraud or you’re unsure, please contact Homefield Credit Union immediately at 508-839-5493.

During the first week of March, I was accompanied by Homefield CU’s Chairman of the Board Andrew Nelson, at the Credit Union’s Governmental Affairs Conference (GAC) in Washington, DC. The GAC is the largest advocacy event providing the most visible opportunity to petition lawmakers, legislators, and regulators for their support of the credit union difference.  At this annual event, credit union advocates from across the country come together to highlight the meaningful work credit unions are doing to improve the financial well-being of their members and communities. This year, over 600 meetings were conducted on Capitol Hill in conjunction with the GAC. 

Credit unions are not-for-profit financial cooperatives whose business model focuses on returning earnings to their members and the communities they serve in the form of competitive interest rates, as well as fewer and lower fees. Credit unions do not have shareholders. They are owned by their members, those who use the credit union to do their banking.  As a credit union member, no matter how much money you have on deposit, your vote counts equally.  Only credit union members may serve on a credit union’s board of directors; and all members of a credit union have equal say in electing the board. The board is critical to the financial success of the institution, and its primary role is to protect members’ financial interests as a whole.  Homefield Credit Union’s board members are unpaid volunteers. While most members may not want to get involved in how the credit union is run, know that you, as a member, have a voice should you ever see things moving in the wrong direction.   

When it comes to financial health, ensuring the safety of your money remains a top priority.  The National Credit Union Association (NCUA) insures deposits up to $250,000. The Massachusetts Credit Union Share Insurance Corporation (MSIC) fully insures ALL excess shares and deposits above the federal insurance limit of $250,000 at all of its member credit unions. Homefield Credit Union is a proud member credit union of MSIC.  This means your deposits at Homefield Credit Union are automatically insured 100%, without any limits.  There is no additional cost to you for this coverage.

Thank you for your membership and the trust you place in Homefield Credit Union. We know that you have a choice when it comes to your financial institution, and we are honored you have selected us as your partner.

As we look forward to the new year and the opportunities ahead, I would like to highlight some of the 2023 accomplishments on behalf of the Homefield Credit Union Team.

• Was once again awarded a five-star rating from Bauer Financial.
• Was voted Best Credit Union for the 3rd straight year—My FM Quest for the Best.
• Was voted Best Mortgage Lender & Best Wealth Management—MyFM Quest for the Best.
• Was voted Silver • Place to Work—MyFM Quest for the Best.
• Logged over 500 volunteer hours in our community.
• Provided scholarships to local high schools.
• Launched our 12 Months of Giving Initiative (see details below).

Our philosophy of People Helping People holds strong at Homefield Credit Union. Our employees possess valuable resources and talents that they are willing to put to good use by helping local charitable organizations and non-profits fulfill their missions. Volunteers are the lifeblood to many of the services and events enjoyed within our community.

In 2023, the Homefield Credit Union Team decided to formally introduce our own 12 Months of Giving Initiative. Each month, we partnered with local non-profit organizations chosen as the beneficiary of our donations.

In addition to monetary and in-kind donations, Homefield Credit Union employees recorded over 500 volunteer hours in 2023. That number continues to amaze me and shows the dedication of our employees. Our initiative went outward too, raising awareness for the non-profits to our members and even inspiring some to donate in conjunction with our program. I’ve said it before, and I’ll say it again: Homefield Credit Union employees and members are Simply the Best!

With the unanimous support of our employees, Homefield Credit Union’s 12 Months of Giving Initiative continues in 2024.

At Homefield Credit Union, we want all of our members to feel like they’re “Banking with a Homefield Advantage®”. We truly believe in this statement and make a promise to all our members that we will work in their best interests to simplify their financial lives and provide solutions to help them achieve financial success. We want our members to feel that they are always number one to us and this is the philosophy we use when designing our products and services. The Team at Homefield Credit Union continues to be committed to our members financial well-being and we are ecstatic every time we are able to make a difference in a member’s life.

I would like to thank each and every member for your loyalty and for choosing Homefield Credit Union as your financial partner.

Since the onset of the COVID-19 Pandemic, MyFM 101.3 (Milford) has found a way to celebrate local businesses who have had to adapt their business model to the ever-changing rules while continuing to serve their customers/members/clients without interruption. The MyFM Quest for the Best Program provides a chance for those who live and work in the area a chance to vote for their favorite local businesses in a variety of categories.

This year’s Quest for the Best results were announced on September 14^th. Homefield Credit Union was voted GOLD (Best) winner in Mortgage Lending, Wealth Management, and for the 3^rd straight year, Credit Union.  Homefield Credit Union was also voted SILVER for Place to Work.

Effective January 1, 2024, certain business owners and operators will have to comply with new information retention and reporting requirements for the direct and indirect ownership of privately held businesses per the  Beneficial Ownership Information (BOI) Reporting under the 2021 Corporate Transparency Act (CTA).

In 2021, Congress enacted a new piece of legislation intended to deter money laundering, terrorism, and other illegal activities. The law requires certain companies, known as Reporting Companies, to report information about their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN), unless the company is exempt from reporting under the CTA.  The CTA provides a list of 23 exempted entities.

The deadline for filing the initial BOI reports varies depending on the company’s date of formation, incorporation, or registration with the Secretary of State or similar body under the laws of that state, as follows:

• If the reporting company was formed, incorporated, or registered before January 1, 2024, the initial BOI report must be filed by January 1, 2025.
• If the reporting company was formed, incorporated, or registered after January 1, 2024, the initial BOI report will be due 30 days following confirmation of formation, incorporation, or registration from the Secretary of State or similar body.

I encourage our business members to consult with an experienced attorney to determine if their company is subject to the new Beneficial Ownership Reporting requirements. Failure to comply with these requirements within the specified timelines may result in penalties for your business.

Make a list of every ATM or debit card, credit card, driver’s license number, and other forms of ID you carry in your wallet or purse. Keep the list in a safe place at home and update it regularly. You will need this list if your wallet or purse is ever lost or stolen. Never carry your Social Security Number in your wallet or purse. Also, never carry in your wallet any paper onto which you’ve jotted down PINs, passwords, or login information.

Reminder: Homefield Credit Union will never contact you by phone or email to ask for your account number(s), PIN number(s), or any other confidential information.  Homefield Credit Union only asks for confidential information to verify your identity when you initiate contact with us.

Financial exploitation—more commonly referred to as scamming—is defined as the improper use of another person’s resources through deceit, coercion, fraud, undue influence, and other means. Millions of Americans lose significant portions of their life savings to financial exploitation every year, and people nearing retirement and beyond are typically at the highest risk.

The National Credit Union Association (NCUA) suggests choosing a trusted contact to help prevent fraud and scams, without the member giving up control of their finances. When suspicious activity is detected on a member’s account, Homefield Credit Union will have a greater chance at protecting our members’ funds if we are allowed to notify a relative, friend or other trusted person.

As a result of scams becoming more prevalent and sophisticated, AARP has developed the BankSafe Initiative, a program designed for bank and credit union staff focusing on preventing financial exploitation; empowering family caregivers; helping those with dementia; and making banking tools and environments easier to access. At Homefield Credit Union, 100% of our frontline staff is AARP 2023 BankSafe Certified. What does this mean for our members? Better protection against fraud and scams. If you or a friend or loved one could benefit from this program, or would like to designate a trusted contact, please contact us today for help.

In January 2023, Homefield kicked off a new initiative, 12 Months of Giving, in line with our credit union philosophy of People Helping People. We encourage our employees to give back to the communities we serve; showing gratitude for all that we have, and to make a positive impact on the lives of others. Giving back enriches both our own lives and those around us by building stronger communities, creating a sense of belonging and connection. Giving back can take many forms, from volunteering time and talents to making financial contributions to charitable organizations. Each month, Homefield will partner with a new charity. Together, we hope to make the world a kinder, more caring place!

Charitable organizations Homefield Credit Union has partnered with YTD:

• Grafton Food Bank
• New Mothers in Need – BVCC Women’s Success Network
• Project Smile
• Daily Bread Food Pantry (Milford)
• Milford Humane Society (Milford); Dog Orphans Humane Society (Douglas)
• Community Harvest Project

The news of the collapse and closure of Silicon Valley Bank, followed by Signature Bank, has understandably caused concerns among consumers about the safety of their deposits. I want you to know that at Homefield Credit Union, your deposits are safe and protected. Your funds, your future, and your financial health are of the utmost importance to us, and we are always here for you.

As a not-for-profit credit union, Homefield Credit Union’s products and services are expressly designed to benefit our members and our community. We are focused on the long-term, and we remain cautious in our approach to risk. If you have questions or concerns, I encourage you to reach out or stop by one of our branch offices. And, should you have a friend or family member who is considering switching from a bank to a credit union, send them our way!

Spring is always a long-awaited change, as the days become longer and we welcome warmer temperatures. It is also one of the most popular times for home improvement projects, whether it be new windows, a new roof, or maybe a bathroom renovation. A home equity line of credit (HELOC) lets you borrow against your home’s equity. Unlike a cash-out refinance on your existing mortgage, a HELOC is a revolving source of funds you can access as needed, and you only pay interest on the amount you borrow. One of Homefield Credit Union’s loan experts can help make the process easy by guiding you every step of the way. Stop by or give us a call at 508-839-5493 to get started.

Homefield Credit Union has partnered with the Mass Save^® Residential HEAT Loan program to offer members 0% interest loans up to $50,000 total for qualifying energy-efficient home upgrades. Note that interest-free financing of up to $50,000 is only available to residential customers who are installing eligible heat pumps. For all other energy efficient upgrades, interest-free financing opportunities are available up to $25,000.

Call Mass Save^® at (866) 527-7283 or visit Mass Save^® Heat Loan | Energy-Saving Loan Program to schedule a no-cost home energy assessment. A Mass Save^® representative will review the results of the assessment and provide you with guidance on programs and incentives available to you. Once you receive your Mass Save^® HEAT Loan authorization form, you are ready to begin your loan application process with Homefield Credit Union.

Your deposits are fully insured at Homefield Credit Union, with no limits. Deposits up to $250,000 are insured by the National Credit Union Administration (NCUA) and amounts above $250,000 are insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC).

Happy 2023! I am looking forward to this new year and the great opportunities ahead. However, I would first like to reflect on the changes, additions, and opportunities encountered during 2022.

1. We began with reviewing our business growth plan, which involved the engagement of a new marketing firm.
2. Our website received a much-needed refresh. We revamped our mortgage origination system and remained current with Information Technology as well as Information Security features.
3. A major renovation to our Main Office lobby began just after the first of the year and was completed as scheduled in April. During this process there was little, if any, disruption to member service and/or workflow.
4. Homefield Credit Union employees donated over 100 volunteer hours to several local charities.
5. We provided seven scholarships to local high school students.
6. Homefield Credit Union was once again awarded a five-star rating from Bauer Financial, and recognized as the Quest for the Best “Best Credit Union” for the second year in a row.

1. Focus on strengthening member relationships and new product development, ensuring consistent, high quality member experience.
2. Stay honest, truthful, ethical, and accurate; taking responsibility for our actions.
3. Utilize the combined expertise of our employees to strengthen service delivery.
4. Offer a positive and fulfilling work environment with opportunity for advancement that reflects the value we see in our staff.
5. Support our employees, members, and community, as we recognize that our differences are what make us stronger in achieving a common goal.
6. Continue to make a profound impact in the communities where we live and work.
7. Stand by the credit union philosophy of “People Helping People”, as we volunteer our time and funds to support local charitable causes and organizations important to our members, industries, and communities.

Homefield Credit Union is a financially strong, well-capitalized credit union, thanks to you, our valued member. We look forward to maximizing each member experience, one interaction at a time.

On behalf of the team at Homefield Credit Union Team, Happy New Year!