Nugent Promoted to Assistant VP
Bay Federal Credit Union has promoted Holga Nugent to assistant vice president of the Member Service Center.
She joined the credit union in November 2021 during the pandemic, and immediately recognized the imperative for expansion and efficiencies at the Member Service Center.
Co-workers say she made “remarkable’ contributions supporting staffing, developing improvements to wait times, and establishing a new level of member service. Her recent advancement into a leadership role has resulted in an energized sense of morale for her team and exceptional quality of service for members.
“My ongoing goals encompass fostering a culture of collaboration, driving operational efficiency through process optimization, and empowering our talented team with ongoing training and development initiatives,” Nugent said. “Together, we’ll continue to elevate the member experience to new levels of delight!”
Before joining Bay Federal, Ms. Nugent worked nine years for Logix Federal Credit Union in Burbank She had a collegiate soccer career at Concordia University where she earned a bachelor of science degree in exercise and sports science, before receiving her master’s degree in leadership and organizational studies from Azusa Pacific University. She continues to dedicate time to developing her process improvement expertise and has gained Six Sigma professional certifications, methodologies to improve quality and efficiency.
When she’s not working, she enjoys spending time with her family, including her adorable baby girl.
Bay Federal Credit Union Announces Scholarship Winners
Bay Federal Credit Union announces the winners of its 2024 Education Scholarship and Mac McCormac Employee Scholarship.
Members Felicia Mitchell, Kayla Magdaleno, and Katherine Hodges were named Bay Federal’s Education Scholarship recipients.
Felicia Mitchell, who is pursuing a bachelor of science degree in nursing at University of San Francisco.
Kayla Magdaleno, who is pursuing a degree in cellular molecular biology at CSU East Bay.
Katherine Hodges, who is pursuing a degree in human biology and a double minor in occupational science and psychology at the University of Southern California.
Brittany Saldana, member service representative at the Salinas branch and accepted into the CSU Monterey Bay master’s program for business administration, was awarded the Mac McCormac Scholarship in honor of the credit union’s first employee.
Each winner will receive $1,500 toward education-related expenses.
To promote education amongst its membership, Bay Federal has given back $90,000 in scholarships over many years.
“Each year I am inspired by the potential of our scholarship recipients,” said Carrie Birkhofer, Bay Federal’s president and CEO. “Bay Federal is proud to invest in these students. We look forward to the difference these individuals will make in the future.”
The application process included an essay exploring ways in which one can cultivate financial resilience such as saving for emergencies or managing student loan debt. Applicants were asked to share any personal anecdotes, research, or innovative ideas that can inspire positive change when building financial resilience.
Ventures Partnership with Bay Federal Credit Union Gets $70,000
In Watsonville, 82% of household identify as Latino and 50% of households don’t have a checking account or credit card and look outside the banking system using prepaid debit cards, money orders, check-cashing services, and payday loans to meet their needs.
In California, payday lenders can loan up to $300 and charge up to $45 in fees. State Attorney General Rob Bonta notes the average annual percentage rate for payday loans is 372% — which is a much higher rate than most other loans or credit cards.
The nonprofit Ventures aims to educate residents about how to avoid such predatory loans and improve credit.
Bay Federal Credit Union, founded in 1957 to help teachers, has sponsored Ventures for several years.
This year, as the Federal Home Loan Bank of San Francisco celebrated the 20th anniversary of its Access to Housing and Economic Assistance for Development (AHEAD) program to boost low- to moderate-income communities, the bank allocated $4 million for grants to 75 recipients in Arizona, California, and Nevada.
One of the three programs highlighted by the bank is Bay Federal Credit Union’s partnership with Ventures, which received $70,000.
Ventures, headed by Maria Cadenas, is devoted to community well-being and building equitable economies. Ventures used the funding to support staff and operating costs to assist rural Latino working-class families through the Familias con Mas program, which translates as Families With More.
That program coaches participants on how to budget, avoid predatory lending, improve credit, and manage debt.
Applications for the AHEAD Program are open. The deadline for FHLBank San Francisco members partnering with nonprofits, government agencies, and Tribal organizations to submit applications for grants is June 3. Grant recipients will be announced in early September.
To learn about the AHEAD Program and the application process, visit fhlbsf.com.