Message from the CEO

I have had several members ask me similar questions about interest rates, what’s happening at Empeople, and what we are focused on in 2024. I wanted to address these questions here, and encourage you, our members, to continue to reach out with your questions and feedback! It helps us better serve you. 

Q: The economy has impacted my household finances. How are things going at Empeople? Has it affected you?

A: This was a big concern for many of our members last year, and I have received this question this year, too.  For the record, we are doing great. We are what our regulators call “well-capitalized.” In simple terms, we have more-than-adequate reserves, no borrowings, and are well-positioned to serve our members for decades to come. We run the credit union with long-term safety and soundness in mind because we know this is critical for our members.  

Q: What do you think will happen with interest rates in 2024?

A: What will happen to interest rates this year? It’s hard to say. The Fed raised rates to curb consumer spending and bring down inflation, which is good for consumers over time. 

The one thing I do know for sure regarding rates is that we provide our members the best possible rates, whether they are borrowers or savers. We survey loan and deposit rates on a weekly basis, and our goal is to be in the high end of deposit rates and the low end of loan rates amongst competition.    

Although we may not be the best in every case, we want our members to know that they will generally get their best rates here, so there’s no need to spend time rate shopping.   

Q: What is Empeople focused on this year?

A: We have members around the country — and around the world! —and our goal is to make it easy for you to bank with us on your schedule, not ours. People have told me for years that banking with Empeople is so easy through mobile, online, phone, and ATM. This is great to hear, because our goal is to provide low effort problem resolution for our members—whether that problem is big, like buying a home, or small, like reviewing your transaction history.    

Our entire team is focused on continuing to provide excellent service no matter what channel you prefer and introducing new solutions to help you.  If we ever “fall down” on the job, please tell us, so we can work to make sure we resolve any service issues.   

We are also committed to providing ongoing financial guidance to you. More than half of our members say they need assistance with things like financial planning and goal setting, saving, managing credit, debt reduction, and saving for retirement. 

To meet these needs, we have employees who specialize in each of these areas. They will work with you and act as an accountability partner to help you set and accomplish your own specific goals in your own way.  

These programs are open to all members. To learn more, take the Financial Health Quiz, and share with a family member or friend who is eligible for Empeople membership!