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From CEO, Brad Canfield
  • We Are Here for You, In Good Times and Bad

    Oct 22, 2013
    The recent Federal government shutdown provided a hardship for thousands of Americans across the country, and for many of KeyPoint Credit Union’s 41,000 members. One of the advantages of being a member-owner of your financial institution is that we are always here for you, in good times and bad.

    Unlike the big for-profit banks, your not-for-profit credit union works one-on-one with each member to assist you during times of need. When the dot-com bubble burst, KeyPoint immediately responded with programs to help our members who were laid off. Those programs are still in place today for any member who experiences a job loss.

    When the real estate market fell apart, many banks and mortgage lenders were reluctant to assist borrowers struggling to make their payments. KeyPoint quickly provided workout plans to help our members keep their homes and their good credit.

    The recent government shutdown offered a new opportunity for KeyPoint to demonstrate that we’re here for our members. We’ve provided fee waivers for many members who experienced delayed income, and we assisted other members with their loan payments.

    One of our newer members was four days away from close of escrow on a new home purchase. This member is self-employed and his tax returns needed to be verified by the shutdown IRS. The member was at risk of losing the house and his deposit if he could not find financing. KeyPoint was able to verify the tax returns another way, to ensure that our member could purchase his home on time.

    We are all relieved that the government shutdown has ended, but I want to remind our members that KeyPoint is here for you. It doesn’t take a national crisis to cause a financial hardship, and I encourage you to reach out to us during your times of need.
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  • I'm A Die-Hard Credit Union Fan

    Oct 11, 2013
    In addition to being a CEO, I’m also a CPA, so I actually enjoy the financial side of managing KeyPoint. Protecting the safety and soundness of our members’ accounts is probably the single most important thing that we do, and it’s essential that we never lose sight of it.

    Right now we’re knee-deep in audits and examinations. This is an annual event that provides objective third-party review of your credit union’s financial health, so it’s always a good thing—even though it keeps us very busy answering questions and providing documentation.

    We’ve had the pleasure of hosting examiners from two different government regulators over the past couple of weeks. The California Department of Business Oversight (DBO) is the agency that regulates KeyPoint and other state-chartered financial institutions. The National Credit Union Association (NCUA) is the federal agency that insures your deposits up to at least $250,000 per member. I can assure you that both agencies are very diligent in their exams!

    We also have an independent CPA audit this time each year, and I’m very proud of KeyPoint’s financial well-being. We publish the results of this audit in the Annual Report that is distributed at our Annual Shareholders’ Meeting and posted on our website. You can also view detailed financial information and learn more about credit unions at the NCUA’s consumer site.

    I must confess that I’m a die-hard credit union fan. I began my career in public accounting, working with financial institutions. I have worked for both banks and credit unions, and the people in credit unions are without a doubt the nicest people in the world. I can honestly use the phrase “the world”, because I volunteered with the World Council of Credit Unions to help start credit unions in other countries. I personally worked in the Ukraine.

    I think one of the reasons that credit unions have a reputation for treating our members better than the banks treat their customers, is because we’re not for profit. We never have to choose between serving the needs of our stockholders and serving the needs of our members, because our members are our shareholders. Banks set aggressive goals for profitability, and credit unions tend to focus more on member service.

    Another reason that credit unions focus on members is our volunteer Board of Directors and Supervisory Committee. These hard-working individuals donate hundreds of hours providing oversight and leadership to ensure that KeyPoint meets the needs of its membership. These are working professionals who are also members, so they set high expectations for products, service, delivery channels and performance. The Directors are democratically-elected by the membership, and they serve your needs just as KeyPoint’s staff serves your needs.

    I hope you appreciate credit unions as much as I do, and I hope you’ll join us in celebrating International Credit Union Day on October 17th. Visit any KeyPoint branch for refreshments and giveaways!

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