Pennsylvania Story Archive

Happening in Pennsylvania: CEO of TruMark Financial Credit Union in Pennsylvania to Retire

February 4, 2022 —  Rick Stipa, president and CEO of TruMark Financial Credit Union in Fort Washington, Pennsylvania, has announced his plans to retire.

As former NASCUS Credit Union Advisory Council Chair (2018-2020), and an active Council Member, since 2014, the entire NASCUS family would like to thank Rick for his friendship and leadership over his 28+ years of industry service. We are sincerely grateful for our time together and wish him a happy and healthy retirement.

“We’d like to thank Rick for all he has done for our credit union, our members, and our community as CEO. Rick’s been a truly inspirational leader and friend,” Len Doughty, president of the credit union’s board, said in a press release. “We wish Rick and his family all the best for whatever lies ahead.”

TruMark Financial Credit Union went from $670 million of assets at the start of his tenure to nearly $2.8 billion and more than 130,000 members today under Rick’s leadership.

“It has been a privilege to lead this organization. I am grateful for the support shown to me by the board, managers, staff and community during my time as CEO. I have great confidence that TruMark Financial Credit Union will continue to serve the needs of its members, staying true to the credit union’s vision and founding principles,” Stipa said in the press release.

TruMark Financial Credit Union was formed in 1939; it was founded by a few employees of Bell Telephone Company of Pennsylvania. TruMark Financial earned $19.8 million in 2021, a 13% increase from a year earlier, according to call report data from the National Credit Union Administration. The credit union has hired D. Hilton Associates to conduct a nationwide search to find its next leader.


PSECU Recognized by American Heart Association for Workplace Health Achievement

December 2, 2021 – The results of the American Heart Association 2021 Workplace Health Achievement Index were announced today, and PSECU achieved national Gold Level recognition for taking significant steps to build a culture of health and well-being for its workforce.

PSECU is one of more than 450 organizations nationwide that completed the Index assessment this year, evaluating the time period of July 31, 2020 to June 30, 2021.

PSECU, Pennsylvania’s largest credit union, has approximately 700 employees throughout Pennsylvania. Dedicated to helping its more than 500,000 members achieve more, PSECU invests in employee health and wellness programs and incentives, understanding the impact that holistic wellness approaches can have on employees and workplace effectiveness.

The American Heart Association, a global force for longer, healthier lives for all, created the Index with its CEO Roundtable, a leadership collaborative of more than 45 members from some of America’s largest companies. The Index is a web-based scorecard that evaluates the overall quality and comprehensiveness of a company’s workplace health program through a combination of best practices and a snapshot of a company’s aggregate employee heart health.

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Department Of Banking And Securities Announces September 2021 Consumer Financial Protection Events

Sept. 1, 2021 —  Education and outreach staff from the Pennsylvania Department of Banking and Securities (DoBS) will be hosting and participating in numerous virtual and in-person presentations for groups of senior citizens, service providers, and the public throughout the month of September to promote financial capability as part of Governor Tom Wolf’s Consumer Financial Protection Initiative.

Unless otherwise noted, September outreach events will continue to be held virtually, in partnership with the listed organizations and open to the public.

Click for a full list of events


PA Financial Institution Associations Applaud Enactment of Banking Fund Legislation

June 30, 2021 – The Pennsylvania Bankers Association (PA Bankers), CrossState Credit Union Association (CrossState) and the Pennsylvania Association of Community Bankers (PACB) applaud Governor Tom Wolf for signing HB 859, introduced by Rep. Delozier (R-Cumberland) into law as Act 39 of 2021. This law – a joint effort between PA Bankers, CrossState, PACB and the PA Department of Banking and Securities (DoBS) – strengthens the state charter and provides for consistent safety and soundness of the banking industry.

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Five Ways To Improve Your Financial Capability

April 4, 2021— The Department of Banking and Securities (DoBS) is reminding Pennsylvanians of the importance of growing their personal financial capability.

“Financial capability empowers individuals to make confident decisions about their money,” said Secretary of Banking and Securities Richard Vague. “It is critical for people to build this skillset to help ensure they are making the soundest decisions when it comes to managing debt, investing, saving, and building towards their futures.”

Here are five ways to brush up on your financial capability skills:

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Act Before The Deadline For Some Mortgage Forbearance For Federally Backed Mortgages

December 16, 2020 — The end of each year tends to bring about a sense of completing various tasks before the New Year rings in, and this year is certainly no different.

For homeowners, it’s important to know that February 28, 2021 is the deadline to take advantage of forbearance options for some qualifying mortgages under the CARES Act. The CARES Act also prohibits negative credit score reporting for homeowners utilizing this pandemic forbearance option.

If you are a borrower with a federally backed mortgage, meaning your mortgage is guaranteed by a federal government agency like Fannie Mae, Freddie Mac, USDA, FHA/HUD, VA, or Ginnie Mae, you have a right to request and obtain a forbearance for up to 180 days if you are directly or indirectly affected by Covid-19. You also have the right to request and obtain an extension for up to another 180 days (for a total of up to 360 days).

Forbearance is not forgiveness and any missed payments will need to be paid back, but it could be a suitable option for those experiencing difficulty making their full monthly mortgage payment.

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