The Richmond Heritage Federal Credit Union has as its mission the responsibility for providing an efficient, effective, and well-managed financial institution that meets the needs of its membership. In order to accomplish this mission, the Richmond Heritage Federal Credit Union will continue a sound yet progressive asset management strategy and provide new and improved financial services to current and future members through membership input and management initiatives.
History and Structure
Richmond Heritage Federal Credit Union is a voluntary, nonprofit, cooperative association of individuals sharing a common employment bond as defined by our field of membership. Each member is an owner of the Credit Union and is entitled to a single vote regarding the business of the Credit Union. The Richmond Heritage Federal Credit Union was chartered in April 1936. The Credit Union was established to provide Richmond Virginia School Board and Virginia Union University employees and family members a means to save and borrow money. In later years, the Charter was amended to include employees and families of Richmond Community Hospital and Virginia Mutual Benefit Life Insurance Co., Inc. Each year Members gather at the Annual Meeting to elect our nine-member Board of Directors from the Membership and to conduct other such business as may be brought to the meeting’s attention. Board members are uncompensated volunteers. The Board of Directors elect their own officers from the group that the Membership elects to serve as directors. Our officers consist of Chairman, Vice Chairman, Secretary and Treasurer. The Board is ultimately responsible for the success of the Credit Union and sets Credit Union policy. The Board appoints the Supervisory Committee and hires the President. The Board is directly responsible to the Membership. The Supervisory Committee is the Credit Union’s and the Membership’s watchdog. While it is appointed by the Board from the Credit Union’s Membership, it too is directly responsible to the Membership. The Committee is responsible for regulatory and procedural compliance and Credit Union safety and soundness. The Credit Union President is hired by the Board of Directors. The President reports directly to the Board. The President is responsible for the execution of the Board’s directions in the daily operations of the Credit Union and in meeting Members’ expectations. The President hires and manages the performance of all staff for the benefit of the Membership.