Introducing: The Student Federal Credit Union at UPenn

The University of Pennsylvania Students Federal Credit Union, or “SFCU,” is one of only a small handful of student-run credit unions in the country. We are a federally chartered institution fully operated by University of Pennsylvania undergraduate students and serving the Penn community during and after their time on campus, including undergraduate students, graduate and professional students, alumni and alumni organizations, student organizations, and student government bodies.

Our mission is to provide reliable and affordable financial services while also helping students learn how to manage their money and prepare for real-world careers. Working at the credit union gives students the chance to gain real experience in banking, management, and member service while making an impact on campus.

The organization comprises nine committees focusing on different areas, including core and non-core committees. Our core committees are Operations, Credit, General Ledger, and Supervisory. Our non-core committees are Human Resources, Investments, Marketing, Internal Controls, and Information Systems. With more than 90 student employees, SFCU aims to embody the professionalism of a financial institution while keeping the energy and perspective of a student organization.

We offer products like checking and savings accounts and low interest loans that meet everyday needs. Many of our products are also tailored specifically toward international students, who comprise about 20% of the campus population. Having consulted our own international student staff, members, and organizations, SFCU has crafted policies for international students to open accounts without a Social Security Number and receive free and unlimited incoming international wires. For many members, the credit union is the first step in learning about personal finance, and we are proud to be a trusted resource for that journey.

The SFCU was first established in 1987 by three Wharton MBA students, Kenneth Beck, Steven Feld, and Robert Kaplan, who saw the need for an enjoyable learning environment for students to learn firsthand about the financial services industry. With that entrepreneurial spirit in-mind, Beck, Feld, and Kaplan first tackled securing approval from Penn to run their credit union on campus grounds.

After being stonewalled by faculty members, they decided to take their proposal straight to then-President Francis Sheldon Hackney, who was instrumental in bringing the SFCU to life. After receiving recognition as an official student organization and receiving a sizable deposit from Hackney, the team was ready to tackle their second hurdle: getting approval from the NCUA.

At the time, there was a massive credit union movement across the nation with major universities supporting their own credit unions, all approved and insured by the NCUA. However, many of these institutions failed as they could not meet stringent regulatory requirements. With these concerns in mind, Beck, Feld, and Kaplan proposed two major ideas that have led to the continued success of the SFCU to this day: first, the establishment of an advisory board to support and guide student leaders through yearly transitions, and second, the implementation of an extensive documentation process to protect institutional memory.

With approval from the NCUA and Penn administration, the SFCU opened its doors to students at the heart of campus, Houston Hall, and over the years has provided learning experiences to more than 4,000 students and financial services to many more.

When we first joined as tellers, the onboarding process was structured but also hands-on. Training began with signing up for shifts with teller managers who were more experienced to learn the systems, compliance checks, and member service protocols. We also were taught soft skills, like how to kindly deal with members and network with colleagues.

Our responsibilities ranged from processing routine transactions, like deposits and withdrawals, to handling more complex requests such as account inquiries and fraud alerts. This meant that we had to be adaptable and detail-oriented, especially if our teller manager was busy with another task.

One of the most meaningful parts of this experience was the mentorship we received from our teller manager. We became fast friends through the hours we spent side-by-side, and beyond all that she was able to teach us as tellers, she also became a huge mentor for us in an academic landscape. She even encouraged us to apply the skills we were learning toward our freshman summer internship search, guiding us through resume edits and practice questions after shifts. Without her mentorship, we might not have had the confidence to pursue the opportunities that we both did.

Beyond the mentorship we received, the teller experience also allowed us to get closer with some of the other tellers we would work with. Overall, this was a great experience not only in learning the technical jargon of the tellers but also joining a team of supportive, caring people.

Looking into the future, the SFCU has a lot of exciting initiatives coming up. This year, we plan to launch a high-yield savings account to further support our members in their financial goals and relaunch our credit builder program, specifically targeting incoming and international students across all undergraduate and graduate schools.

Beyond new products, we are also committed to assessing and enhancing our digital banking platforms, ensuring a seamless, intuitive experience for every member everywhere. By streamlining our mobile app and embracing member feedback, we can continue to break down barriers to financial access and make banking simpler for our Penn community.

Additionally, we hope to host more educational workshops to shine a light on the credit union industry. This past summer, we hosted a professional panel with industry experts speaking on their entry into the credit union world and advice they had for young professionals starting their careers. Continuing on that success, we are excited to collaborate with other organizations and build a stronger support network for our student volunteers.

Our vision remains steadfast: to be not just a financial institution, but a partner in our members’ journeys. Together, we’ll keep innovating, keep improving, and keep putting our members first.

Co-author: Eesha Bhatia