WASHINGTON–The highest honors in U.S. credit unions were presented to one organization and three individuals, recognizing a foundation started by refugees who are assisting new refugees; a former CEO who had to learn the value of relationships; another former CEO who focused on a “brighter future” for everyone, and a CEO has had to turn branches into places to live and who challenged credit unions to “do better.”
Recognized with Herb Wegner Memorial Awards by the National Credit Union Foundation during a gala dinner were the Selfreliance Foundation, Tony Budet, Bob Trunzo and Judy DeLucca.
Here is a look at why each was honored and what the recipients had to say.
Doing Today What It Was Founded to Do
The Selfreliance Foundation is the philanthropic arm of Selfreliance Credit Union in Chicago, which was chartered in 1951 to serve the large Ukrainian community in Chicago. Since the foundation was created in 2005, it has distributed more than $7 million to support the Ukrainian diaspora in its local communities, an effort that has grown considerably since the Russian invasion of Ukraine, which led to a large number of refugees to the United States.
Indeed, approximately 15,000 new members, many of them them refugees, have joined the credit union during the past two years.
In accepting the Herb Wegner Award, Victor Wojtychiw, the foundation’s chairman, said it is fitting that a credit union founded by refugees who had fled Hitler and whose Ukrainian motto translated to “people helping people,” are again helping refugees today, and it has created special financing programs to help.
From left, Bohdan Watral and Victor Wojtychiw.
‘Financial Safety Net’
The foundation was created by the credit union’s former CEO, Bohdan Watral, who today is the CU’s chairman and who came to the U.S. from Ukraine as a child.
Wojtychiw said the foundation and the credit union have now become a “financial safety net” for Ukrainian communities in Illinois, Michigan and New Jersey, where the credit union operates.
For his part, Watral thanked credit unions and the Illinois league for their support.
“We’re living here in the U.S. and it's a melting pot for the entire world, and this tapestry has made this country great,” Watral said. “We have enjoyed decades of peace and harmony, thanks to our armed forces and we should be grateful to them because they have been standing vigilant. When you look at yourself as credit unions, credit unions do not compete with each other, they cooperate. They work in unity.
‘A Guiding Light’
“We as credit unions provide services to our members in an environment that has empathy, understanding and compassion, and that’s very important. We are a guiding light,” he continued. “We have helped our members have financial freedom and when people have financial freedom, they consider themselves valuable citizens of the Untied States of America.”
After praising the work done by the National Credit Union Foundation, Watral presented it with a $50,000 donation to continue that work.
‘Are We Lucky or What’
Tony Budet, the former president and CEO of University FCU in Austin, Texas, was praised for his numerous contributions to his hometown, to the U.S. and the international credit union movement.
Tony Budet
In a video introducing him, Budet said he benefitted from advice given to him early in his career that credit unions are “not a numbers business, it’s a people business. It’s about relationships.” And then that same person told him, “You stink at relationships.”
From that point forward, he said he worked to be much more focused on relationships.
In a video introducing him, he was also credited for his focus on the credit union having a “social impact” in Austin, and for the role he played while chairman of CUNA in bringing that trade group together with NAFCU to form America’s Credit Unions.
God’s Work
“I’m convinced my life’s successes are the result of God’s work and his tendency to surround me with incredible people,” said Budet in accepting the award. “I don’t know about you but I didn’t grow up wanting to be a credit union guy. We tend to stumble into this sector and then we don’t leave. It resonates in our hearts and we touch people in a very special way.”
Budet, who said “relationship-wealthy people tend to do better,” credited two people for being “coaches” for him in life, describing himself as the “most heavily coached man you will ever meet.”
Managing Arrogance
He said the first coach made him aware of and gave him the tools he needed to manage his arrogance and tendency to be closed-minded. The second coach, he said, instructed him on how to go away well.
“That’s a skill some retiring credit union CEOs do not possess,” Budet said, drawing some laughs from the crowd.
He also said he was grateful for being taught to delegate well.
“I have always ended opportunities to speak to people by asking, ‘Are we lucky to get to do what we do for a living, or what?’ Yes, we are,” said Budet.
‘What We Do Matters’
Bob Trunzo, the former president and CEO of TruStage, who joined CUNA Mutual to oversee the sales organization, was praised during an introductory video for his focus on relationships, for making inclusion a core value of the company, for leading the first investments in fintech even when no one knew what fintech was, and for the focus on metrics.
Trunzo, who said he was sharing the award with everyone at TruStage, told the audience, “I hope you enjoyed the ride as much as we enjoyed driving. You clearly understood a growing, financially strong TruStage was and is essential to our credit union industry.”
Bob Trunzo
Trunzo said he has loved standing with credit unions as their “fiercest advocate,” and had even enjoyed the “occasional fight with the banks.”
He added he has “walked the halls of the legislatures arm in arm with credit unions to tell them we are the good guys and do the right thing.”
‘Everyone Can Have a Brighter Future’
He credited Trustage’s 3,000 employees for their purpose and vision and for believing “everyone can have a brighter financial future.”
“I leave you with this. I owe this honor to each and every one of you,” Trunzo stated. “I am so proud of what we accomplished together for our industry. It is true if you do what you love you will never work another day in your life. That is what this 20-year journey has been for me. So. remember, as I often signed off, what we do matters.”
Literally Living at the CU, Plus a Challenge to Do Better
Judy DeLucca has done things to help her members that other CEOs can only shake their heads in amazement at.
DeLucca, who heads up New Orleans Firemen’s Credit Union, has had to help staff when half lost their homes, and has turned branches into living quarters. And much more.
During an introductory video, it was noted that DeLucca often gives out her cellphone number to members and tells them to call any time. And they do.
DeLucca joined NOFCU in early 1980, and oversaw the expansion of the CU’s FOM from the SEG that gives it its name to more than 400 SEGs, and 30 parishes/counties.
Today, 25% of its members are firemen, and 75% are from low-income areas.
Judy DeLucca
When hurricanes Katrina and Ida hit the city, many employees and members lost homes, and it turned three branches into places to live, while DeLucca’s garage became a storage facility.
She has also overseen asset growth to $250 million from $3 million, and has created an “inclusive lending team” to find ways to say yes to rejected loan applications.
‘The Funny Thing’
“When I first started, the funny thing was I was the first woman who ever worked there,” said DeLucca. “At that time in 1980, the entire fire department was 100% male, the entire board was male. I was in my early 20s and I was pretty cute and all the guys would want to come in talk, but they didn’t want to talk business. But I made it my mission at that time to give them the absolute best service and I was the person who could help with their finances. I probably did my job too well. They still call me. They call me at night. They call me on weekends. But I absolutely don’t mind, because that was my job.”
CU Helped CEO to ‘Survive’
DeLucca shared that when she was young and her son was just two years old, her husband died.
“I had to depend on my credit union to help me survive. It set the stage for what I expected us to provide for our members in the future,” she said.
She shared stories of the challenges the credit union and the community have faced, including those two hurricanes. Katrina damaged the main branches computers and phones, and everyone who could go was relocated to Houston, where a new operation was set up in a hotel. In New Orleans, showers and washers were added in branches.
Integrity Still Intact
“As a credit union, we decided that Hurricane Katrina may have washed away your possessions, but it didn’t wash away your integrity,” she said. “So, we made those people loans. We found ways to provide service and we learned our lesson. Today, we have a mobile branch with its own power system. We have satellite phones. We found a way to make it work and that’s what credit unions do.
“I have been asked with all the advancements we have made and with technology, how will credit unions remain relevant in the future? I never worry about that. You have to do your job,” she continued. “Credit unions are not an investment club. We don’t service just A and B paper. Our job is to serve those people who are underserved, to help them build generational wealth.
‘Not Fulfilling Mission’
“Sadly, as an industry we are not fulfilling our mission to the extent we could,” DeLucca added, pointing to the decade-high gap in black/white homeownership rates in the U.S. “We need to do better. The key to closing the gap in generational wealth is to build assets, and as credit unions we need to do our job.
“I’m lucky to have a career that is more than a job. It’s a priceless treasure that keeps my heart full.”