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Staff from the Pension Boards of the United Church of Christ have launched Generations United Federal Credit Union (GUFCU), a new financial institution aimed at serving members and employees across UCC congregations, conferences, and national bodies. According to its website, GUFCU intends to reach people who are “historically underbanked or unbanked, as well as victims of extortionate alternative financial-service industry models such as payday lenders.”
The creation of GUFCU follows a resolution passed at the 31st General Synod in Baltimore, Maryland. The resolution highlighted economic justice needs within the denomination and identified credit unions as key contributors to addressing those needs.
John Linzey serves as the first president and CEO of GUFCU. He leads a core team responsible for daily operations and strategic planning. Linzey said that after the resolution was approved, the Pension Boards assembled a team to establish GUFCU. “We wanted to name it United Church of Christ credit union, or something to that effect, but there were already 12 credit unions with that name,” Linzey said. “We realized a lot of people serve the church for generations, and they may invite their children and other family members, so a big piece of it is building financial trust for generations. We’re going to be there with you from the beginning of your ministry until the end.”
The core team includes Paul Bomba (head of operations), Randy Garrett (chief financial officer), and Marco Lima (marketing and analytics). They manage all aspects from processing checks to meeting with clients. Although GUFCU does not have physical branches, office space is maintained in New York City. Expansion plans exist but current resources focus on improving customer experience.
“It was important for us to maximize efficiency and get as much done securely and reliably without having a large staff,” Garrett said. “We’ve put a lot of powerful technology and technical resources to bear. When you look at this team, it’s physically four people, but behind us is probably another 100 individuals represented by the various service providers that we’ve put together.”
Garrett explained that GUFCU aims to move away from traditional banking models by automating transactions while maintaining personal connections with members: “We never want to be distant. We want folks to know who’s behind this,” he said. “We’re taking a hybrid approach to providing that personal closeness, while having a solid, robust framework of systems that are handling the processes and transactions.”
Credit unions differ from banks because they are not-for-profit cooperatives owned by their members rather than shareholders. This structure often allows them to offer better interest rates on savings accounts and loans compared with traditional banks; both types are federally insured up to $250,000 per account by the National Credit Union Administration.
Despite some common misconceptions—such as offering fewer services or having outdated technology—GUFCU seeks to show otherwise: “You’re not sacrificing on service quality, security, or products,” Garrett said.
Linzey noted that GUFCU reviews each loan application individually rather than relying solely on automated systems: “The system will process you, give a grade and say we should deny that person. We all look at [each case] and call that person and find out why they need the loan and how we can help them,” he said.
According to Garrett, deposits made by members are used directly within the denomination: “We invest in the members. The money we receive in deposits, how does that money get put to work? We’re lending to other members,” he said.
Linzey added: “I came from Wall Street where you had to make a profit. This will be something fulfilling that we can leave for [the church] and will help down the road.”
For more information about joining GUFCU or opening an account visit https://gufcu.org/.
