STUDENT-RUN CU OFFERS TRUE LEARNING EXPERIENCE

Credit Union Management, Apr 2008 by Jooss, Ron

It's well-known (but perhaps not well-known enough!) that the credit union cooperative structure serves the people-helping-people philosophy. But at Georgetown University for the past 25 years it has also served as a way to provide students with hands-on training in financial services.

Founded in 1983, Georgetown University Alumni & Student Federal Credit Union (www.guasfcu.com) has become the largest entirely student-run financial institution in the United States. Its current membership includes more than 70 percent of the university's current undergraduate population.

Make no mistake, $10 million Georgetown University Alumni & Student FCU, with 6,000 members, Washington, D.C, does not operate on the apron strings of Georgetown faculty or an "adult"-comprised board. The organization's only non-student influence is provided by its External Advisory Board, which is largely strategic and has no involvement in decision-making, according to outgoing CEO Cyril Vergis, who stepped down March 1 to make way for new CEO Daniel White.

"Since our inception we've been entirely student run," says Vergis.

While Georgetown University Alumni & Student FCU doesn't offer a full slate of services, it does offer virtually every service a college student would need, including Internet banking, access to 13,000 ATMs through the Allpoint ATM network and Quickpay, a service for transferring funds into the credit union from other institutions. The credit union's loan portfolio of $1.8 million includes signature and auto loans.

The credit union is served by 150 unpaid interns and an all-student board of directors. Vergis' rise at the CU offers an example of what an intern can accomplish at the credit union. He began as a teller as a freshman in November 2004 and moved into an accounting position just two months later. In March 2006, he was elected to the board and served as chief information officer, overseeing the marketing and information technology departments. Finally, he took over as board chair and CEO in March 2007.