The History of USCCU

• 1972

  A small group of USC Facilities Maintenance Service (FMS) employees organizes USC Credit Union to fulfill the financial needs commercial banks in the local area did not provide. The credit union was initially managed by volunteers and operated out of a small, rent-free office on the University Park Campus. At its inception, the credit union offered limited products that included passbook savings accounts and small personal loans. As the credit union grew, we added share certificates and car loans to our portfolio.

• 1975

  The University hires the credit union’s first paid manager and support employees and arranges to lease these employees to the credit union.

• 1976

  to

  1979

  USC faculty and staff are encouraged to join the credit union. The credit union diversifies the Board of Directors by recruiting members of the faculty and administrative staff to serve on the Board to provide insight on products and services that would meet the needs of all USC employees, faculty and administrative staff.

• 1980s

  With the addition of products such as share draft accounts, ATM services, car loans, unsecured loans with higher limits, and home equity loans, USC Credit Union grows from $2 million to $16 million in assets. During this time, the credit union expands its presence at the University with the addition of a part-time branch at the Health Science Campus (HSC) and moves the main branch to a larger University Park Campus building.

  

• 1990s

  The credit union continues to flourish, increasing its number of products to include over-the-counter cash services, first trust deed loans, credit and debit cards, 24-hour electronic access and full time branches on both campuses. The credit union’s assets increase from $16 million to $35 million.

  

• 1997

  USC Credit Union opens our field of membership to students.

• 2001

  USC Credit Union converts from the original federal charter to a state charter. This change allows USC alumni into our field of membership and opened the membership to anyone who lives, works, worships or attends class in the City of Los Angeles. To ensure that all constituents have representation, a student and a member of the alumni association are elected to the Board of Directors. Within five years of introducing federally guaranteed student loans, USC Credit Union became the nation’s largest credit union originator of student loans, peaking at funding in excess of $150 million annually.

  

• 2008

  Credit union growth stalls as a result of the recession. Despite the collapse of the housing market and the elimination of the FFELP student loan program in 2009, we were able to weather successfully the economic downturn during a period of slow growth and modest profitability.

• 2012

  USC Credit Union’s net income topped at $3 million, marking the unofficial end of recession-era operations and positioning the credit union to return to a period of growth.

• Today

  After 45 years of service, USC Credit Union is still going strong. With a plethora of deposit and lending products, coupled with insurance and investment services as well as Internet banking, USC Credit Union has grown to over $456 million in assets with nearly 64,000 members.

  In the tradition of the Trojan spirit, Fight On!