Sunward

Introduction

In 1948, a small group of 15 employees at Sandia National Laboratory formed Sunward Credit Union to provide a reliable financial cooperative for their colleagues who supported their mission at Kirtland Air Force Base. The original purpose of the credit union was to provide access to low-cost and high-quality financial services for Sandia Laboratory employees living in proximity to Kirtland Air Force Base.

Over time, Sunward Credit Union grew significantly as it provided essential financial services to additional members of the military community who established residency or assigned duty at Kirtland Air Force Base. This growth prompted the credit union to expand its offerings beyond military personnel to include civilian members of the Albuquerque community and ultimately began providing banking and loan services to all residents of New Mexico.

By the end of the 1960s, Sunward Credit Union had increased its membership base by nearly 400% and now consisted of over 1,000 members from across New Mexico. This rapid growth led to the need for the establishment of additional branches and extended services, which would allow for even more reasonable and affordable financial services for all New Mexican residents.

In the 1980s, the United States Congress passed several significant laws and regulations concerning credit unions. These new laws and regulations made it increasingly difficult for credit unions to operate as independent institutions and required credit unions to apply for federal credit union chartering authority through the National Credit Union Administration (NCUA).

As a result, many credit unions were unable to meet their original purpose of providing affordable financial services to their members. The NCUA grew concerned about this trend and implemented a number of new policies and regulations. In 1983, NCUA approved the first federal credit union charter to a credit union in the U.S. Following this approval, the NCUA directed all other federal credit unions to maintain and implement the same regulations and policies, which would further strengthen the federal regulatory responsibilities of the NCUA. In the early days, the office was an informal operation, where our employees performed member service duties during their lunch hour. This was a reflection of the credit union’s grass-roots start.

As time passed and Sunward grew into the following decades, it needed more space for all its members, so by 1969-1970, the credit union had to expand its physical presence to larger facilities to accommodate the growth in membership. As of this date, Sunward’s membership has grown to over 165,000 members and it has over $4.2 billion in assets with 16 locations across New Mexico, California’s Bay area (Bay Area), and Durango, Colorado. It has grown to be one of the largest credit unions in its region and maintains its allegiance to co-operative principles with a volunteer Board of Directors comprised of 9 members elected by the membership and an annual Supervisory Committee.

Products and Services

Sunward provides a full range of financial products to support members through their daily lives: consumer loans (auto loans, personal loans, mortgages) and deposit accounts (checking, savings, CD’s and other savings vehicles) that are easily accessible with competitive terms that allow your members to manage their finances successfully.

Education and Local Community Support

Sunward is committed to making a difference in the community through financial literacy and support for local communities. Through its offerings and member education programs, we invite members to empower themselves with knowledge and make informed decisions regarding their finances and the lives of their families. Through the many opportunities we provide for members to educate themselves and support their community, Sunward is not only a trusted financial institution; it is a financial partner to its members.

Compliance and Licensing

Sunward operates as a federally chartered credit union and must comply with the regulations set forth by the National Credit Union Administration (NCUA). The NCUA enforces compliance with the Federal Credit Union Act and the NCUA Rules and Regulations Part 715, and this regulatory framework ensures that Sunward operates at a high level of governance, audit practices and operational transparency.

Platform Technology and Trading Conditions

Digital Banking Platforms

At Sunward, our goal is to provide our members with a consistent, seamless experience, allowing them to access all our products and services through any channel they choose. Although we do not publicly announce the specific names or technical details of the platforms we use, our leadership emphasizes the combination of innovative digital technology and human touch as part of our strategy to connect with members on an emotional level. This approach allows members to manage their accounts and conduct business whenever and wherever they choose, via our mobile app, online banking, or in a branch.

Trading and Investment Services

Trading/Investment Services: Sunward does not offer trading services, such as brokerage accounts or forex trading, or any other investment-based platforms. As a credit union, we focus on providing personal banking and lending services and do not trade in speculative financial markets. Therefore, you would not experience the trading conditions (spreads, leverage, commission, etc.) associated with typical securities.

Fee Structure

While specific fee details such as deposit fees, withdrawal fees, inactivity fees, or commissions are not explicitly published, credit unions like Sunward typically offer lower fees compared to commercial banks. This member-centric approach often translates into cost savings and better value for members. For precise fee schedules, members are encouraged to consult Sunward’s official resources or contact their local branch.

User Experience and Market Reputation

Sunward Credit Union (Sunward) has built a reputation for high levels of customer service and community involvement.

Through testimonials from members, it has been seen that they appreciate both how Sunward employees help them better understand their personal situations than they would at a large commercial bank, and how simple and easy it is to use the services provided by Sunward.

For example, in 1976, one member said Sunward was very easy to use for home mortgage financing. A different member stated they had 20 years of experience at banks before coming to Sunward, and that the support they received from Sunward staff was the primary reason they decided to switch financial institutions.

The loyalty members have to their credit union stems from the cooperative structure, which provides members with ownership and a partnership in the credit union's success.

Sunward also strives to educate its members about financial issues and has developed numerous outreach programs to serve them. This commitment to educating its members and providing outreach services is one of the primary reasons Sunward is viewed as a credible community financial institution.

Developments

Beginning in 2025, the new CEO, Steph Sherrodd, will be at the helm of a significant rebranding of Sunward Credit Union. The primary purpose of the rebranding is to modernise the Sunward Credit Union's image, and the secondary purpose is to expand the credit union's geographical reach into many additional markets in New Mexico, Colorado, and California. This rebranding is part of the Vision 2035 project, which aims to improve the member experience, foster stronger connections within the community, and leverage technology to drive growth.

The vision presented by the new CEO is an attempt to balance the use of new and innovative technology while still maintaining the historical ties to the community, which have always been at the foundation of Sunward's success, by creating a pathway to sustained growth while maintaining the personalised services provided by a smaller credit union.

Conclusion

Sunward Credit Union is a great example of a cooperative credit union. From Sunward's beginnings as a credit union serving employees of Sandia National Laboratories to the present day, Sunward has grown into a multi-billion-dollar credit union serving members in many locations throughout the United States.

Sunward will continue to support its members and the communities it serves by providing a wide variety of financial products and services, adhering to all relevant laws and regulations, and delivering a member experience second to none in a very competitive marketplace.

In the future, through the strategy introduced by new CEO Steph Sherrodd and the utilisation of technology, Sunward will have many advantages, offering the convenience of technology combined with the personal touch expected from a community-based credit union. For those looking for a financial partner that delivers both the convenience of modern technology and the personal touch, Sunward will remain a trusted partner.