CAMBRIDGE, Mass.–Gene Foley, who marked his 40th anniversary with Harvard University Employees Credit Union in 2019, has announced he will retire as president and CEO effective July 17.
Foley has led the organization for the past 25 years.
Foley was first hired as an HUECU teller in 1979. After receiving his MBA from Babson College in 1990 and “demonstrating 15 years of exceptional service and performance,” Foley was appointed CEO in 1994.
“As president and CEO, Gene helped build HUECU from a relatively small operation with limited product
offerings and assets of less than $90 million, into the preeminent and trusted credit union it is today
with nearly $1 billion in assets,” the credit union said. “His dedication, innovation and leadership have been key to driving this nearly 10‐fold growth over the past 25 years. Constantly leading the credit union to diversify, grow and evolve, Gene looked for the financial pain points in the lives of our members and the institutions we serve; he then developed innovative and equitable products and solutions to best meet these needs.”
No Resting on Laurels
“He added Harvard University students and alumni to the field of membership, developed an extensive student loan program and won the bid to issue the Harvard Alumni Association credit card,” the credit union’s statement continued. “Never one to rest on his laurels, Gene recently took the credit union through a simultaneous core and online banking conversion in November 2019 in order to continue on the path of growth and success.”
In addition, HUECU said Foley has made a priority to push for more opportunities for the CU to give back to the community and has been a champion of financial literacy, creating dozens of educational programs for members and non‐members alike to help thousands of people in the HUECU community escape debt, pay for school, buy their first home, and much more. Foley was credited with creating Harvard University’s first financial literacy class, in collaboration with students and professors, to teach undergraduates valuable skills for managing their financial lives. The class has
been part of the Harvard University curriculum for decades, and it is one of the many reasons Foley was recognized as a “Credit Union Hero” by Banker and Tradesman in 2012.
“Gene Foley exemplifies passion and dedication.
Impressive Tenure
“Throughout his impressive tenure of more than four decades, he has led HUECU to remarkable growth and success, while also being an influential voice and tireless advocate for the credit union movement,” said George White, HUECU chairman. “His commitment to our membership, Harvard University and the credit union industry is unparalleled, and through his efforts he has not only developed an outstanding organization but has brought positive and meaningful changes for all of our constituents.”
HUECU noted Foley has also been an influential figure in the credit union community and has served in leadership positions both locally and nationally. He testified before Congress regarding data security on behalf of credit unions, wrote opinion pieces as an advisory board member of Banker and Tradesman, served on the Massachusetts Fair Lending Task Force, was a key contributor in developing the multi‐state Cooperative Credit Union Association (CCUA), and has taken on committee assignments and board‐level roles with CUNA, the Massachusetts Credit Union League, and PSCU.
In 2019, Foley was honored as an inaugural member of the Cooperative Credit Union Association’s Hall of Fame.
‘Immensely Honored’
“I feel blessed to have been an integral part of this organization, this movement and this university over the past 40 years; it has been an exciting and inspiring experience,” Foley said. “I am immensely honored to have worked with so many incredible people during this time and to have done such meaningful work. More importantly, I have had the privilege to play a part in helping to improve the financial lives of three generations of members. I want to thank our members, employees and board for trusting and supporting me and our Credit Union along this journey.”
The credit union said it has retained KLR Executive Search Group to recruit a successor.