HARRISBURG, Pa. — Across Pennsylvania, credit unions and their members are doing better today thanks to the efforts of Jim McCormack, retired president and CEO of the Pennsylvania Credit Union Association.
Credit unions have more members and many members have more money in their pockets thanks to McCormack championing the needs of the common credit union and the average worker.
In his 32 years with PCUA, 21 as president, McCormack has led the league to introduce a much-needed payday lending alternative, deliver low-cost and convenient services to CUs and consumers and establish a statewide CU public awareness campaign, among a long list of accomplishments.
"We have always been there for the everyday common credit union and the hard-working people of this state," said McCormack. For his efforts, McCormack has received the 2014 Herb Wegner Memorial Award for Lifetime Achievement from the National Credit Union Foundation (NCUF).
Perhaps most important of all McCormack's achievements is spearheading the league's highly successful iBelong public awareness campaign that promotes the benefits of credit union membership and the credit union difference in a variety of TV, radio and print media.
The program has been so effective that four other state leagues have adopted the campaign over the past five years, with several others considering it as well.
"Because of the iBelong campaign, we have seen the awareness of credit unions grow exponentially," said Bruce Foulke, CEO of the Philadelphia-based American Heritage FCU, in an interview with the NCUF. "Members who were not aware of credit unions are now reaping the benefits of our products and services."
Payday lenders' grip on Pennsylvanians was loosened with PCUA, under McCormack's direction, establishing its well-known Credit Union Better Choice Program, a public/private partnership between the State Treasurer's Office, State Credit Union Regulator and 72 Pennsylvania credit unions.
The program, launched in 2006, helps consumers transition from payday lending to build savings with a credit union. Today, credit unions have made 65,000 Better Choice loans for $32 million, saving consumers $23 million over traditional payday lenders.
In the mid-1980s, McCormack directed the league to establish state credit card processing that led to more than two states introducing plastic to credit unions. PCUA is currently administering one of the largest correspondent card programs in the nation and has added debit and other payment products and services.
Some of the achievements that stand out for McCormack is the growth of the Pennsylvania Credit Union Foundation, the shared service centers that have been developed and are thriving in this state, and the Judge/Bradley Leadership School that PCUA has worked to support in cooperation with Penn State University.
"We set a new direction for the leadership school years ago, and today it is very vibrant, it's flourishing, and has trained many individuals who have gone on to be credit union leaders," said McCormack.
McCormack has served for many years on national boards and committees, including CUNA, CUNA Service Group/CUNA Strategic Services, NCUF and the CUSC board. He was a charter member and table officer of the Credit Union House board.
In 2009, McCormack received the Eugene H. Farley League Leadership Award, and in 2010 he received PCUA's most prestigious honor, the Keystone Award, which recognizes outstanding individuals or organizations that epitomize the credit union philosophy.
McCormack admits his long career in credit unions got started in a roundabout way — he needed a loan.
"I was going to college and working as a clerk at a supermarket in Kingston (Penn.) and I stopped into the credit union that was formed to serve the Amalgamated Food Employees Union, Local 72," explained McCormack. "A wonderful woman named Mary McGroarty said she'd give me the loan, but asked if I would serve on the supervisory committee, since I was majoring in accounting. I wanted that loan so I took a spot on the committee."
That eventually led to the role of part-time manager at the credit union. "I was also on the union negotiating team that helped negotiate payroll deduction for supermarket employees and led to the growth of the credit union," he said.
After a couple of years at the credit union, CUNA Mutual hired McCormack.
"I worked for them seven years. I was first a field rep in Pittsburgh, then transferred to the home office in Madison, where I was working on efforts around the early forerunner of asset liability management. I came to the Association in 1981 as vice president of finance and administration, and became president in 1992."
When McCormack accepts his Wegner award at this year's CUNA Governmental Affairs Conference, he said he will be doing so in recognition of all the talented people he has worked with at the league, and at organizations that have supported PCUA's efforts.
"I don't get the credit," said McCormack. "The award is being given to me in recognition of the exceptional teamwork within the league over the years. I feel proud to have been part of that."
