In recognition of leadership that serves as an example for credit union leagues everywhere and a career of political, educational and community engagement that has enriched the lives of millions of Americans both within and outside of the credit union movement, the National Credit Union Foundation (the Foundation) is pleased to announce Daniel F. Egan, retired President and CEO of the Massachusetts Credit Union League, New Hampshire Credit Union League, and the Credit Union Association of Rhode Island, as the recipient of a 2016 Herb Wegner Memorial Award for Outstanding Individual Achievement.
Egan’s award will be one of four Herb Wegner Memorial Awards presented at a special dinnerhosted by the Foundation at the Marriott Marquis Washington on February 22nd, 2016 in conjunction with the Credit Union National Association’s 2016 Governmental Affairs Conference (GAC). Registration for dinner tickets and sponsorships will be available within the next month on the Foundation website (ncuf.coop).
“Dan is the quintessential gentleman and a quiet leader with a demeanor that is the definition of class,” said John Gregoire, Chair of the Foundation’s Wegner Awards Selection Committee and President of The ProCon Group. “Dan’s ability to work with various political personalities has paid great dividends for the credit union movement. For example, the crisis in Rhode Island could’ve been cataclysmic to credit unions, but Dan’s work on all levels - particularly behind the scenes - kept that event localized and diminished in comparison to the potential fallout.”
Leading Three States with Confidence, Ingenuity and Vision
Egan’s three decades as League President have been distinguished by incredible accomplishments and triumph over adversity. In 1985, Egan facilitated the first ever multi-state League management agreement, which saw the combination of the Massachusetts and New Hampshire Credit Union Leagues—the agreement expanded to include the Credit Union Association of Rhode Island in 1992. In combining the resources of the three states under one management structure, credit unions in all three states gained the support of a stronger organization with more resources and staff. This agreement has since been emulated by credit union leagues across the country.
Egan also led the merger of the two competing state trade associations in Massachusetts in 1997. When CUNA was founded in 1934, there was a split in the credit union community in Massachusetts over affiliating with the national organization. The leadership of the Credit Union League of Massachusetts, the first league in the country founded in 1911, disputed the voting rights and dues structure of CUNA and refused to join. Roy Bergengren turned to another group of Massachusetts credit unions that wanted to join and that organization joined CUNA representing Massachusetts. This split resulted in two credit union trade associations in Massachusetts until 1997 when Egan led the successful merger of the two organizations into the Massachusetts Credit Union League.
Throughout his tenure, Egan pushed credit unions to pursue policies and services that enhanced and improved the member experience. As League President, he oversaw the development and expansion of a $100 million Home Loan Payment Relief (HLPR) initiative to help mid and low-income residents with mortgage payments. He also encouraged his credit unions to adapt to changing times and trends, including home equity lending in the eighties, online banking in the nineties and business lending in the two-thousands.
Perhaps Egan’s most trying time as League President came in 1991, when the state of Rhode Island closed all state insured credit unions due to the insolvency of the state private insurance fund. This catastrophic event led the Governor to declare a bank holiday on the first business day of the New Year, which ultimately led to the closing of over twenty of the state's 74 credit unions. During the weeks of turmoil following the bank holiday, accounts of thousands of consumers and businesses in Rhode Island credit unions were frozen. It became a national news event as consumers blocked Rte. 95 which runs throughout the heart of Providence protesting against what was labeled at the time "the credit union crisis.” At the time, there were 11 other private state deposit insurance companies operating in other states, including Massachusetts. The failure of the Rhodes Island deposit insurance company imperiled the integrity of credit unions across the country.
Egan helped organize meetings with state and federal regulators, corporate credit unions, and the Massachusetts private deposit insurance officials to resolve the growing threat. A plan was developed to voluntarily convert the privately insured credit unions in Massachusetts to federal deposit insurance under the National Credit Union Share Insurance Fund over a reasonable amount of time. At the same time, the National Credit Union Share Insurance Fund was examining every privately insured credit union in Rhode Island to try to expedite the conversion to federal insurance. At the same time, Egan was meeting with representatives of all the other private insurance funds around the country to establish a national effort to provide a systematic response to any future threats. A potential national threat to credit union stability was averted.
Despite his copious responsibilities as League President, Egan still found time to pursue other ventures in the financial services industry, including a successful mortgage company, credit card service unit and employee benefits operation. Egan’s business acumen and experience in these initiatives have enriched his judgment as a credit union executive, which he has extended to others by offering consulting services and advice to credit unions, leagues and national figures.
“Dan’s ability to bring people together and achieve consensus is unparalleled,” says C. David Surface, Chairman of Massachusetts Credit Union League. “His work in building cooperation among credit union leagues has saved the movement untold millions of dollars and countless hours of duplicated effort.”
A Political Advocate for the Credit Union Movement
Egan has been politically involved on behalf of credit unions throughout his entire career, advocating for credit union issues on a local, state and national level. Egan also maintained positive relationships with Former House Speaker Thomas P. “Tip” O’Neil and Former Congressman and Financial Services Committee Chair Barney Frank, which helped him push for legislation such as the Credit Union Membership Access Act and provisions protecting credit union interests in the Dodd-Frank Act. In Massachusetts, Egan also pushed for the passage of the Credit Union Parity Bill, which saved the state’s dual chartering system.
One area of political action where Egan has enjoyed great success is fundraising, in which Egan has worked tirelessly to help candidates who support credit unions. As Chairman of the Credit Union Legislative Action Council (CULAC), Egan shattered fundraising records, raising fundraising totals to more than $3 million and making CULAC the 12th largest PAC in the country.
Egan has also maintained political influence through his associations in various pro-credit union organizations, including his time as Chairman of the American Association of Credit Union Leagues from 2000-2002 and several years of service as a member of the Credit Union National Association Board of Directors.
“Dan’s political ability with legislators is unsurpassed,” says Eugene J. Foley, President/CEO of Harvard University Employee’s Credit Union. “He has the type of strategic vision that allows him to ‘see around corners’ in order to achieve results.”
Empowering Consumers through Financial Education
A longtime believer in the transformative power of financial literacy, Egan has supported various financial education initiatives and made it a priority for credit unions by vigorously promoting it in and outside of his Leagues. Egan has served in volunteer positions in various organizations committed to financial literacy, including the New England College of Finance, the Filene Research Institute, America’s Credit Union Foundation and the Massachusetts Financial Education Collaborative.
Egan played a major role in the formation of the New Hampshire-based America’s Credit Union Museum, an organization devoted to the history and philosophy of the credit union movement. The museum’s financial education program CU 4 Reality—this year’s recipient of the Wegner Award for Outstanding Program—has provided vital financial literacy tools to more than 87,000 middle and high school students. Egan played a leading role in creating the program, which has not only provided schools with essential financial education but also helped create awareness and enthusiasm of the credit union movement among its future members.
“Dan’s work to make America’s Credit Union Museum a reality is a clear and distinct example of how deep his commitment to our underlying principles goes,” says Gerald Demoulin, Chairman of the New Hampshire Credit Union League. “Dan was instrumental in bringing together like-minded people who could work together to make the vision of this museum a reality.”
Changing Lives; Embodying the Credit Union Difference
Egan is a firm believer in the credit union principle of “people helping people,” using his influence and success to give back to those in need through a number of charitable causes. Egan was recognized by Congress for his charitable efforts in all three of his League states, and in 2004 he was singled out by Fmr. Rep. Frank for encouraging New Hampshire’s credit unions to partner with NeighborWorks organizations to offer necessary financial counseling and affordable home loans to underprivileged communities.
He has also used his position as League President to raise money for important causes beyond the realm of financial services. Egan and his staff raised more than $1 million for Make-A-Wish® New Hampshire during his tenure at the New Hampshire Credit Union League, and he made the Credit Union Association of Rhode Island into the largest corporate donor of Special Olympics Rhode Island, raising more than $700,000 since 1998. In Massachusetts, Egan championed the cause of raising record funds for the Massachusetts Coalition for the Homeless. In addition, the League staff coordinated annual drives for credit unions to collect children’s books for homeless shelters, provide school backpacks and supplies for homeless children in September, and conduct blanket and coat drives for the homeless during the winter months. Egan also encouraged credit unions in Massachusetts, Rhode Island and New Hampshire to support and sponsor Homes for Our Troops, a home building program for veterans.
“We have found Dan to be an honest, sincere and caring person who has continually strived to better the lives of people throughout his personal and professional life,” says David B. Suvall, Chairman of the Credit Union Association of Rhode Island. “He has left an enduring legacy for credit unions and their members, not only in Rhode Island but throughout our entire country.”
