Justice Federal Credit Union

Empowering Members; A Journey Through Innovation and Support

Leveraging technology and personalized service to support the financial wellness of its members.

Established in 1935, the Justice Federal Credit Union (JFCU) stands out by providing financial services tailored to the unique needs of the justice and law enforcement communities. With over $1 billion in assets and a network of branches nationwide, JFCU offers a comprehensive range of banking products, including savings accounts, loans, and credit cards. It prides itself on fostering a sense of ownership and belonging among its members, who are also its owners.

According to Mark L. Robnett, President and CEO of JFCU, “Justice Federal Credit was founded amidst the Great Depression by just 12 employees in the halls of the Department of Justice.” These visionary founders aimed to provide loans with affordable rates and manageable terms, promoting financial security among their peers.

Robnett explains, “They wanted to encourage building financial security by providing a safe place to deposit savings and earn some dividends.” This humble beginning saw the pooling of resources, accumulating $137 in assets and attracting 41 charter members. Initially established as the Department of Justice Federal Credit Union, it has since evolved into what we know today as the Justice Federal Credit Union.

Robnett proudly recounts the credit union’s evolution: “What started as a small group of DOJ employees with similar goals in 1935 has grown to include not only the Department of Justice employees but also state and local law enforcement, public safety, and their family members.” This expansion reflects the organization’s dedication to serving those who dedicate their lives to public safety and justice.

Responding to Financial Challenges

When faced with the challenges of rising interest rates and an inflationary climate, the Justice Federal Credit Union has always stood by its members, as Robnett explains.

“Through the lens of financial wellness, the COVID-19 pandemic brought about new challenges in the workforce, which extended to the Great Resignation. Many people retired early, and we’ve had challenges attracting and retaining talent. This created an environment where law enforcement officers had to work longer hours, often multiple shifts, raising concerns about their mental health and wellness.”

Statistics reveal that 64% of Americans consider themselves financially unhealthy, a reality that brings out the importance of the JFCU ‘s initiatives. “Realizing that financial stress plays a major role in the health and well-being of our members, we partnered with the International Association of Chiefs of Police to address financial wellness at their Annual Officer Safety and Wellness Symposium,” Robnett explains. This partnership aims to improve officer safety and wellness, enhancing the health and effectiveness of law enforcement professionals.

Robnett recounts a personal story that brought this issue to the forefront: “We had someone who worked for us whose husband was in law enforcement, and we could physically see the toll it took on her as a spouse. We knew that was a call to action on our part.” The symposium provides a unique opportunity for law enforcement professionals to learn from experts about resources, best practices, and strategies for comprehensive officer safety and wellness. Participants leave with actionable items to improve their officers’ and their organizations’ health and wellness, ultimately benefiting the community.

The credit union also employs certified financial counselors and conducts financial wellness workshops nationwide for justice and law enforcement members. Robnett highlights their collaboration with Concerns of Police Survivors (C.O.P.S.) in their Traumas and Law Enforcement sessions, held in major cities nationwide. These sessions cover many topics, including injury prevention, peer support programs, physical fitness, proper nutrition, sleep and sleep deprivation, stress reduction, mindfulness, suicide prevention, and financial wellness.

Steering Through Technological Innovation

In the ever-evolving world of finance, the Justice Federal Credit Union has made significant strides in leveraging technology to enhance its services. Over the past year, the credit union has focused on integrating advanced technological solutions to serve its members better and improve operational efficiency.

“Technology is the great accelerator,” Robnett declares. He emphasizes that embracing technology is central to the credit union’s strategy, aiming to streamline operations and offer members better rates and cheaper products. “2023 has confirmed how forward-thinking we need to be with our investment in technology,” he notes.

Over the past five years, the Justice Federal Credit Union has been re-engineering its systems to create a predictive relationship with technology. “We put systems in place to hopefully make this more predictive of our members’ behavior so we can get there first, right, to help them before they know they need help,” Robnett explains. He refers to this proactive approach as the “Amazon experience,” highlighting how AI and analytics can anticipate needs before they arise.

The credit union has also enhanced its digital banking platform to improve accessibility and security. “We’ve implemented new card controls and more security features to create a more intuitive experience,” Robnett says. Given the credit union’s size, making suitable technological investments from the start is crucial. “We really can’t afford a lot of rework, so we try to do a lot of work on figuring out what’s going to work best for us.”

Robnett acknowledges that the shift towards digital banking has been driven by the changing habits of members, particularly first responders and government employees who often have demanding schedules. “Whereas years ago, a digital banking platform was maybe a nice-to-have, now it’s an absolute must-have,” he states. Members want to complete almost all their banking functions online, primarily through mobile devices. “Most folks don’t even want to use the computer anymore. They want to have that same experience through their mobile device.”

Enhancing Financial Education and Wellness

The Justice Federal Credit Union emphasizes cultivating strong relationships with its members. It recognizes that financial wellness is crucial for a balanced life. Through educational initiatives and personalized communication, the credit union strives to empower members with the knowledge and tools needed for financial stability and growth.

Robnett underscores this priority: “Our focus is financial wellness, which is key for a healthy and well-balanced life. Whether that’s wealth management or financial literacy, we use the term ‘financial well-being’ to capture everything.” The credit union understands that members have varying levels of financial knowledge. Some require primary education in managing finances, while others need assistance with retirement planning.

JFCU has focused on certifying as many employees as possible in financial counseling to address these diverse needs. Robnett elaborates, “We’ve been taking that up, specifically for our folks in the branches, but even for our folks on the phone. When a member calls and needs help, we’re trying to take a holistic approach to look at their whole relationship with us—not simply sell them a product but position them in a better financial place.”

The credit union’s efforts extend to those nearing retirement who may find themselves unprepared. Robnett highlights a recent initiative: “That’s where our recent effort into standing up a wealth management practice came from. We’re running that line of business to help our members with that without having to refer them elsewhere.” This initiative aims to assist members in setting and achieving their financial goals, creating budgets, and tracking their progress through digital banking platforms.

Robnett shares the powerful impact of these efforts, describing how members experience a sense of accomplishment by saving small amounts consistently. “You can’t even imagine the power of someone saving maybe 50 bucks, just automatically transferring it to another account and seeing that grow. The feeling of accomplishment they receive when they look over and find $2,000 or $3,000 that they couldn’t save before is incredible,” he remarks.

Adapting to Market Realities

The Justice Federal Credit Union is continuously seeking to adapt to changing economic conditions, always keeping the needs of its members at the forefront. With the current financial climate, Robnett acknowledges the challenges those looking to secure mortgages face.

“Unfortunately, I still think the market is somewhat frozen because of the liquidity challenges many banks and credit unions face. But I think a subset of folks are probably still waiting on the sidelines, watching interest rates, seeing if they’ll fall before they jump in,” he explains.

Despite these challenges, the credit union has not slowed in meeting the demands of those ready to buy. Robnett notes, “We’ve seen an uptick in demand, especially during the spring buying season. We’ve been here meeting that need for those folks who have been waiting and had money on the sidelines.” However, he concedes that the environment has seen peaks and valleys, reflecting the broader economic uncertainties.

Regarding product offerings, Justice Federal Credit Union has introduced several initiatives to support its members through financial difficulties and life transitions. “We have our federal government shutdown assistance,” Robnett highlights. In the event of a federal government shutdown, furlough, or sequestration, we are ready to assist our members with low-interest rate loans and deferments on loan payments.” This support system has existed since the first government shutdown in 1981, signifying the credit union’s long-standing support of its members.

Another notable product is the skip payment option, available during the holiday season. “Each year, members are invited to take the opportunity to skip a payment on their consumer loan, with a portion of the service fee donated to the Concerns of Police Survivors,” Robnett mentions.

Additionally, the credit union offers a scholarship competition to encourage continued education. “Our annual scholarship competition, Building Futures Across the Nation, encourages members to seek continued education to further their career aspirations,” says Robnett. This program begins every spring and emphasizes the credit union’s efforts to support its members’ educational goals.

Looking ahead, the JFCU remains focused on getting closer to its members through digital means and physical presence. “We’re always looking at ways to get closer to our members. Technology is a great equalizer, but we’re not against branches where they make sense,” Robnett states. This strategic approach ensures that Justice Federal Credit Union remains accessible and supportive, reinforcing its role as a reliable financial partner for its members.

As the interview winds up, Robnett passionately articulates the credit union’s mission: “Everyone has to have a why. Our why is our members. Banks have a different why. Our why is to serve our members and to be there for them when they need us.”

AT A GLANCE

Justice Federal Credit Union

What: Financial institution providing tailored banking services and financial wellness support

Where: Chantilly, Virginia

Website: https://www.jfcu.org/