| Caltech Federal Credit Union | |
| Type: | Credit Union |
| Industry: | Financial services |
| Location City: | La Cañada, California |
| Location Country: | United States |
| Area Served: | La Cañada Flintridge, California |
| Key People: | John Meeker (President and CEO), Steve Proia (Chair, Board of Directors) |
| Services: | Banking, credit, and loans |
| Members: | 37,000 |
Caltech Employees Federal Credit Union (CEFCU) is a credit union for the California Institute of Technology family and its affiliate organizations. CEFCU is headquartered in La Cañada Flintridge and is the 36th largest credit union in the state of California. It is also the 245th largest credit union in the nation. Caltech Employees Federal Credit Union's savings rates are 6X the national average.[1] [2]
CEFCU membership is available to the Caltech community and members of their immediate families. The credit union makes personal loans at interest rates that usually exceed the interest rates available on short-term accounts at banks or savings institutions.
Caltech Employees Federal Credit Union was established on 11 April 1950 by seven employees of the California Institute of Technology. At present, it has over 37,000 members with assets over $2 billion.[3] The services offered by CEFCU are share savings accounts, youth savings accounts, real estate and vehicle loans, personal loans, credit card services and others.[4]
In 2016, the company announced their new Real Estate Loan Center. The office of the loan center is located at the corner of Foothill Boulevard and Commonwealth Avenue in La Cañada Flintridge.
John Meeker assumed the role of President and Chief Executive Officer on April 2, 2024. John served as CEFCU's Senior Vice President and Chief Financial Officer since 1999. As a key member of CEFCU's executive management team, John has significantly contributed to defining the strategic goals and initiatives that maintain the Credit Union's tradition of stability, security, and trust.
After a distinguished 38-year tenure at CEFCU, President/CEO Rich L. Harris retired on April 1, 2024. As the longest-serving CEO in CEFCU's history, Rich exemplified unwavering dedication, passion, and profound leadership, strategically steering the Credit Union towards consistently providing unsurpassed financial value and member service. In 2010, he was elected to serve as a board member at the National Association of Federal Credit Unions (NAFCU).[5] [6] [7] He was elected as NAFCU's board chairman on 15 June 2016.[3] [8]
Present Chair of the Board of Directors of CEFCU is Steve Proia. Steve has been a passionate and dedicated board member since 1998, previously serving as chair of the board in 2001-2002 and 2010–2011. He retired from the Jet Propulsion Laboratory in 2016, where he held the positions of Chief Financial Officer and Director for Business Operations.[9]
Caltech Employees Federal Credit Union offers its services nationwide with surcharge-free access to 30,000 ATMs of CO-OP Network.[10] CEFCU also offers online access with eBranch. Its mobile app provides access to accounts to check balances, view transactions, make transfers and deposit checks.[11] CEFCU recently welcomed Thomas F. Rosenbaum as Caltech's 9th president.[12] CEFCU sponsored TEDxCaltech 2013: The Brain—a one-day, multidisciplinary conference at the California Institute of Technology.[13] CEFCU is also an annual sponsor of Caltech Y's Act Award.[14]
On October 14, 2019, Alzheimer's Los Angeles hosted their first Dementia Friendly Business training for CEFCU. Staff learned the warning signs of dementia, how to effectively communicate and interact with people with dementia, and financial safety. Dementia Friendly Business decals can be found on the front window at each CEFCU office location.[15]
The expansion of the Caltech Y and CEFCU's years long partnership began in 2004, in which the CEFCU funded Caltech Y programs such as the World Fest and other community service programs. CEFCU's commitment grew further in 2010 with a larger $10,000 grant designated for the Advocating Change Together (ACT) Award and Make-a-Difference Day.
In 2020, the credit union announced a $10,000 matching grant to the Caltech Y to support the Rise and Y-Tutor Program. The matching grant was created by an external funding organization in response to escalating demand for pandemic relief resources for communities hardest hit by the pandemic and made available to member organizations. The credit union applied for the grant, which matched CEFCU's annual $10,000 contribution to the Caltech Y. In 2021, the external funding organization once again matched CEFCU's contributions. Bringing CEFCU's total support to $40,000.
CEFCU's support extends to more than just funding. Besides being good neighbors (the CEFCU campus branch is located next door to the Caltech Y office on Wilson Ave), CEFCU staff have partnered and collaborated with the Caltech Y on several programs. CEFCU leadership values social responsibility and actively seeks opportunities to contribute to the overall Caltech community.[16]