Thirty years ago, Eugene Foley did not intend to work in banking for any significant length of time. He had his sights set on becoming a lawyer.
Except the teller job he took to pay for law school was at the Harvard University Employees Credit Union (HUECU).
Law school turned into an MBA, and 15 years after becoming a teller, Foley became president and CEO of the credit union that serves Harvard employees and students. HUECU has grown from $70 million to $400 million in assets since he took the top job.
Foley’s Credit Union Heroes nomination praised how he “works with his team to help the people who are part of the credit union and the university community achieve better lives for themselves and their families through financial education offerings,” among other highlights.
One also gets the sense that Foley makes it look easy.
In fact, he said the professional, charitable and philanthropic drive he brings to work at HUECU is simply an extension of his personal philosophy.
“It reflects on my own value system,” he said. “It’s a lot of giving back.”
His daughters, 23 and 27, have worked with Habitat for Humanity, relief efforts in Haiti and Vietnam, among others. It’s all part of being part of Foley’s family.
And for the last 30 years, HUECU has been part of Foley’s family, too.
He has concentrated his efforts where he recognizes the most need: Access to credit for low- and moderate-income folks, housing and financial literacy.
For example, the credit union has a program that will lend a university employee or staff member his or her first month’s rent, last month’s rent and security deposit for an apartment – interest free. Foley teaches a January-term course at Harvard on financial literacy, which the credit union developed and sponsors.
That course is distinctly important. Harvard has a history of helping low- and moderate-income students attend the august university. Those same students often come from families that are in or have had experiences with extreme financial difficulty.
They haven’t learned financial literacy at home, and now they’re on their own in a new and strange city.
One of the most rewarding things Foley said he hears is from students who tell him, “I feel like I know how to navigate my financial life.”
