WINSTON-SALEM, N.C.—Long-tine CEO Marc Schaefer, who played a key role in the history of credit unions, announced he is retiring at the end of 2019.
Schaefer, who has led Truliant FCU since 1995, will be succeeded by
Truliant President Todd Hall, who will become President and CEO on Jan. 1, 2020, the CU said.
“As he approaches retirement, we celebrate the far reaching impact of Marc’s work for Truliant and the greater credit union movement. He has labored tirelessly to create a unique organization that people love, and consistently taken it to greater heights,” Hall said. “An outstanding leader, we applaud Marc’s vision, his imprint on advocacy, culture, community and growth, as well as his work as a champion for credit unions worldwide.”
Schaefer joined Truliant in 1995 (then known as AT&T Family FCU) having previously served as president and CEO of FDIC Employees FCU, now NASA Federal Credit Union. He served as president and CEO of Truliant until 2018 and is currently its CEO.
List Of Achievements
With a list of industry achievements spanning three decades, Schaefer’s career includes transformative efforts that helped reshape, focus and strengthen the credit union movement, the CU said.
As CUToday.info reported, Schaefer helped lead the fight to modernize credit union membership rules in the late 1990s. He was integral to building support for the passage of HR 1151, the Credit Union Membership Access Act, passed by Congress and signed into law in 1998, which codified membership rules at a national level following a lengthy court battle.
“It was a very empowering time and very fulfilling time in the sense that we literally saved the credit union system, and look where it is today,” Schaefer told CUToday.info in a previous report. “It was heady stuff for everyone involved at the time.”
Shortly thereafter, Schaefer presided over then AT&T Family Federal Credit Union’s name change to Truliant Federal Credit Union.
“Under his direction, Truliant established a member-centric culture through the 2000s that led to growth and expansion. In 1995 the credit union had $400 million in assets, 110,000 member-owners and 422 employees. Under his direction, a quarter century later, the $2.57 billion credit union has more than 240,000 members and 33 Member Financial Centers in North Carolina, South Carolina and Virginia,” the CU said. “Schaefer championed fiscal responsibility and an organization dedicated to best meeting the financial needs of its members.”
“We are fortunate that the credit union message resonated with so many consumers through this period of great change. Truliant has achieved notable milestones, built an amazing workplace culture and grown our position in the broader market, all while keeping our mission to improve lives at the forefront of our journey,” Schaefer said.
“It has been my great honor to dedicate my career to credit union movement. I am truly grateful to have worked collaboratively with so many talented individuals and organizations who put the high ideals of credit unions into practice for their members each day.”
“Schaefer built a model grassroots political involvement program at Truliant. It created lasting relationships with state and federal legislators and continues to serve as a model to the credit union industry today. His belief that co-operatives have a responsibility to help each other led to Truliant regularly hosting international credit union visitors at its headquarters,” the CU said.
“Truliant’s Board of Directors would like to recognize the immense contributions of Marc Schaefer. His positive influence has helped shape not only Truliant, but the greater credit union movement,” said Truliant Board Chairman James (Jimmy) T. Flythe, Jr. “Truliant is grounded in the conviction that we always do what is best for our members. Marc has been the torchbearer. We wish him well in retirement.”