A Message from the CEO
As far back as 2003, your credit union has placed itself on the leading edge of a movement to provide Police Officers and their families with a complete selection of products and services designed specifically for them.
We co-founded the National Police Officers' Credit Union Conference, which just held its 14th annual meeting. We are a charter member of the Police Officers' Credit Union Association and, in 2014, we obtained approval to expand our field of membership to include the first-ever national charter granted specifically for the purpose of serving members of the National Fraternal Order of Police ("NFOP") and their families.
When we gained the ability to serve Police Officers from coast to coast, we created a new division to help us be more effective in reaching out to a new group of prospective members. Known as the National Police Credit Union, this division is focused on providing the same high-quality products and services to every member of the National Fraternal Order of Police as we have been providing to Chicago Police Officers for 79 years.
Now, we are preparing to take the next step in our growth plan. In a further step designed to strengthen our National Police brand and extend the influence of our credit union, we will be opening our first business development office in Phoenix, AZ on or about September 1st of this year.
We believe that every Police Officer in the country should ultimately have the same access to all of the financial assistance and guidance that Chicago Police Officers have enjoyed and Phoenix happens to be the largest major metropolitan area that does not have a Police Credit Union.
We are very much looking forward to writing the newest chapter in our proud existence and we are very aware that we could not do it without you.
Thank you for your continued loyalty and support!
CPFCU's "Most Wanted"
Below is this month's "Most Wanted" list, which introduces our newest Member Loyalty promotion.
For a complete listing of all CPFCU products, services and educational programs, please click
For rates, please click
Annual Meeting Notice
The 79th annual meeting of the members of the Chicago Patrolmen's Federal Credit Union will be held on
September 29th, 2017 at 5:00 pm. The meeting will be held at 1407 W. Washington Blvd, Chicago, IL 60607. In accordance with the bylaws of the credit union, the Board President has appointed a nominating committee that has nominated the following persons for three-year terms as members of the Chicago Patrolmen's Federal Credit Union Board of Directors:
Tony Navarrete - Currently serving as a Director of the Board for 15 years. Director Navarrete is presently an active sergeant with the CPD.
Jim Riordan - Currently serving as a Director of the Board for 12 years. Director Riordan retired after having served 42 years on the CPD.
Steve Yee - Currently serving as a Director of the Board for 2 years. Director Yee is presently an active police officer with the CPD.
The Board of Directors has adopted the following criteria, which each nominee had to meet in order to be selected by the nominating committee:
* Member in good standing for seven years (good standing is defined as never having caused a loss to the credit union)
* Service on a committee of the Board for at least one year
The Board has adopted these criteria and standards in order to ensure that it will continue to provide strong and dedicated leadership, serving the best interests of the credit union and its members.
Any member in good standing is also eligible to seek nomination as follows:
Nomination for vacancies may be made by petition signed by 330 CPFCU members in good standing. Each petition shall be accompanied by a signed certificate of the nominee stating that he/she is agreeable to nomination and will serve if elected to office. A brief statement of the nominee's following qualifications and biographical data must accompany the petition and signed certificate: number of years as a member of the credit union; number of years employed by the Chicago Police Department, if applicable; and whether the nominee is active or retired from the Chicago Police Department, if applicable.
In order to be a valid signature on the petition, the member's printed name, home address and last four digits of the member's social security number must accompany each signature. Any member who feels they possess the qualifications necessary to serve on the Board may obtain a petition at the credit union by contacting the Treasurer.
If there is only one nominee for each position to be filled, the election will not be conducted by ballot and there will be no nominations from the floor. Any nominating petitions must be submitted to the care of the Treasurer of the Board at
407 W. Washington Blvd., Chicago, 60607 no later than
Tuesday, August 15, 2017.
Summer Auto Loans
CPFCU's extensive Auto Loan program is designed to fit all your needs!
- We offer extended terms to help keep your payment within budget.
- We offer financing options for those looking to borrow up to 100% of the vehicle's value, as well as options for those looking to put money down on their cars.
- We offer a signature Write Your Own Ticket "blank check" program for well-qualified borrowers, allowing them to negotiate like cash buyers.
- We offer a unique CARPay Diem program, which combines the best features of conventional financing with the benefits of leasing.
- We offer an easy and convenient Motorcycle Lending process guaranteed to secure you the bike of your dreams at a competitive rate and term.
- We offer competitive GAP and Mechanical Breakdown Protection to make sure you don't lose money on your vehicle in the event of an accident or need for repairs.
- We offer insurance options and savings opportunities exclusive to credit union members through our partnership with Liberty Mutual.
Whether you're seeking a new loan or refinancing an existing vehicle, we're here to help. If we find that it makes more sense for you to secure financing with another lender, we'll definitely let you know. Rest assured that we're on your side!
You may apply for an Auto Loan online by clicking
, or in person by calling
A Better Way to Pay for Higher Education
CPFCU now offers a
Deferred Payment Student Loan
* to help you fill in the funding gaps and delays in department reimbursements. We offer low rates, and the convenience of limited documentation.
- Cover or supplement undergraduate expenses
- Pay for room and board, and other expenses
- Use for graduate funds
- Make no payments until 6 months after graduation
But wait, there's more!
And it gets better!
- Student Loan Consolidation for members who have completed school and are carrying loan debt. CPFCU can consolidate up to $42,000 in student loan debt
- Tuition Loan for members with children enrolled in private elementary and high schools
As an additional reward, will we offer a 0.
reduction in the published student loan and tuition loan rates for members who set-up automatic payments on their loans***
Rate reduction is only available for Student Loan Consolidations and Tuition Loans.
The rate reduction promotion will be effective July 15, 2017 and will run through September 30, 2017
*$10,000 annual limit applies. $42,000 total maximum limit. Rates as low as 5.9% APR**.
Restrictions may apply.
Must provide a copy of class schedule, tuition bill, and proof of enrollment. Check must be made payable to institution. Interest will continuously accrue on the loan during the deferment period as well as the repayment period.
**APR= Annual Percentage Rate.
***Member must close or apply for a Student Loan consolidation or Tuition Loan between July 15, 2017 and September 30, 2017 in order to qualify for rate reduction.
Debit Card Rewards
All CPFCU debit cardholders are eligible to earn 1 point for every 2 dollars spent! Points can be redeemed for merchandise, travel, charitable donations and more. There is no cost to participate. All you have to do is register your card to add this great benefit.
to get started.
Financial Planning and Education Center
CPFCU opened the Financial Planning and Education Center (FPEC) in 2002 in support of one of our core objectives: to provide you with as much financial education and as many financial options as we can.
The FPEC has expanded over the years, but the objective remains the same. Every product and service that we offer creates an opportunity for you to gain knowledge, choices, and power as a financial consumer.
- Our wholly owned mortgage services subsidiary, First Chicago, will assist you with any mortgage need you may have.
- MAF, our financial planning partner, offers a huge variety of savings, investment, insurance, and retirement options that are tailored to the needs of police officers and their families. Their guidance and expertise have been especially valuable to many of our members as they sort through the changes taking place regarding their health care and the impact those changes will have on their retirement planning.
- Liberty Mutual offers home, auto, and life insurance with savings opportunities that are exclusive to credit union members.
- If you are struggling to repair your credit or you need some assistance in managing your debt, Gwen's Helping Hands is on site and will assist you, free of charge, courtesy of your credit union.
Every one of these partners offer seminars throughout the year that are designed to provide you with the information you need and the answers you seek in a small group, obligation-free environment.
If you have not done so already, please consider joining the thousands of your fellow members who have gained valuable knowledge and financial power simply by starting a conversation with one of the resources available through the Financial Planning and Education Center.
Start Saving for the Holidays Now!
Christmas Savers Account
s designed to help you save a little money for the most expensive time of year.
This Account pays you a higher interest rate than a regular, low-balance Savings Account. If you set a little aside each paycheck, it will add up in a hurry!
You can deposit money into your Christmas Savers Account through payroll deduction, direct deposit, in person, or by mail. Funds are made available on October 1st of each calendar year.
Last year, 1,700 members took advantage of the program and they saved a whopping $1,506,359.33!
Were you one of the "Savers"?
If not, now is the time to "start saving to spend!"
To sign up for Christmas Savers, please visit a teller at any of our branch locations or call us 312.726.8814.
First Chicago Mortgage Services' Pre Approval Raffle
Enter for a chance at $100 Again and Again All Summer Long!
Reasons to Secure a Pre Approval:
- A mortgage Pre Approval notifies the potential seller of the home AND your realtor that you are serious about buying a home.
- Many realtors will not show a client a residence until they have a Pre Approval.
- Not all Pre Approvals are created equal. We spend more time with you up front so that there are no surprises when you move forward with the transaction.
- A good Pre Approval helps you make a more accurate decision on exactly how much home to buy.
- A Pre Approval is also the beginning of the home buying process; the earlier you get one, the easier the transaction is.
- You should seek a Pre Approval 30 to 60 days before you go house hunting, so you have time to make any necessary plans to better qualify.
Interest rates remain low and the housing market is heating up, so why wait? FCMS has mortgage options with as little as 3% down for first time home buyers and VA home loans with ZERO money down. With a Pre Approval in hand, you can start the home buying process faster and more efficiently!
Are you ready to start winning cash? If so, please call John or Kristen at 312-499-8877, or email them at
Don't forget to refer friends and family, and use our hashtag
on social media to earn lots of raffle tickets and help us reach our goal!
CPFCU Visa Credit Cards
CPFCU offers a comprehensive array of Visa Credit Card options
to fit a variety of needs, ranging from Copper Cash Back, Silver Low Rate and Classic, to Student and Secured Cards. Plus, our Signature Blue Line Rewards Visa earns you one point per dollar spent on every purchase!
All CPFCU Visa cards enjoy the same features:
- No Annual Fee
- 25 Day interest-free grace period for purchases
- Same low, non-variable APR* for purchases, cash advances, and balance transfers
To apply for a CPFCU Visa Credit Card, click
If you already have a CPFCU Visa Credit Card and would like to discuss switching or adding a new card, please call us at 312-726-8814, and select option 2, or email us at
*APR = Annual Percentage Rate.
Benefits of Credit Counseling
With so many credit scores available to you, how do you really know what your credit score is? What constitutes good credit versus bad credit? Does it make a difference?
Your credit union offers free, confidential credit and financial counseling services to all its members. How can counseling help you?
Our financial counseling may assist you with:
- Obtaining and reviewing your credit report
- Understanding and improving your credit score
- Obtaining a loan at a lower interest rate
- Qualifying for a mortgage
- Learning how to budget and save money
All you need to do is make an appointment with Gwendolyn M. Hawkins, CCUFC, PCE, by calling
312-499-8813, or emailing
. Gwendolyn has over 25 years in the credit union industry. Her services are offered to you at no cost, as long as you remain a member of the credit union.
Did You Know?
We now offer the option of having eReceipts instantly emailed to members following every teller transaction. While printed receipts are still available, we hope you will take advantage of this new "green service."
Lending Sales Representative
My name is Denora Hall. I am a full-time Lending Sales Representative at the CPFCU Headquarters location. I have been with the credit union for nine months.
As a Lending Sales Representative, I assist members with lending products and services. I am a primary point of contact for members to inquire about the various lending products CPFCU offers. I also enter loan applications and advise members about additional products for which they may qualify. Every day at the credit union is different and I am thankful to have such a supportive team around me to achieve our goals.
Prior to joining the CPFCU team, I worked as a financial consultant for six years at Western & Southern Life Company, where I customized insurance programs for individual and business needs. Prior to that, I worked
as a member of Investment Operations for 10 years at Marquette Bank. I have also been licensed with the State of Illinois Department of Insurance for the past 15 years.
I have been married to one of Chicago's Finest for the past 17 years and we have six beautiful children. I love being a mother and spending time with my family, especially going out to dinner and a movie. My biggest passion, aside from my family, is traveling and seeing new places. We love going on vacation to new destinations every year. My most memorable vacation was visiting Cancun, Mexico with my husband.
My favorite thing about working for CPFCU is meeting new members every day. I love being able to assist each one of them with their financial needs and goals. I also love the family atmosphere that exists at our organization. Everyone is very willing to assist each other should the need arise. I'm very excited to grow within the credit union for many years to come with all the opportunity for advancement that is offered here. It is a pleasure to be a part of the CPFCU family.
Check out previous Featured Employee bios by visiting our website.
CPFCU is excited to announce enhancements to our Credit and Debit Card Programs. Stay tuned for details!
Making Your Retirement Last with a
Qualified Longevity Annuity Contract (QLAC)
Required minimum distributions (RMDs) are amounts the federal government requires you to withdraw annually from employer-sponsored plans or traditional IRAs after you reach the age of 70½. You can always withdraw more than the minimum amount but if you withdraw less than the required minimum, you are subject to a penalty. The purpose of the RMDs is to ensure people don't just accumulate retirement accounts, defer the taxation, and leave retirement funds as an inheritance.
The question is: What if you do not need to use your RMDs, what do you do?
The good news:
In July 2014, the U.S. Treasury Department removed a significant hurdle that allows individuals to
bypass required minimum distribution (RMD) rules
with respect to a portion of their total retirement savings?
What does this mean?
The regulation helped create qualified longevity annuity contracts (QLACs), a deferred annuity, under which the amount of annuity payments is locked in at purchase. Payments can begin at any age up to 85 years old,
allowing you to defer your RMDs to a later time.
Individuals with 401(a), 401(k), 403(b), governmental 457(b), or individual retirement accounts (IRAs) are allowed to purchase a deferred income annuity and designate it to be a qualified longevity annuity contract. When properly implemented, a QLAC could reduce Required Minimum Distributions (RMDs) by as much as 25%.
Ask us how we can help you make your retirement last. Contact the Financial Planning and Education Center at (312) 499-8888, option 1, to learn
more about Qualified Longevity Annuity Contracts (QLACs).
Save the Date
CPFCU is pleased to host a
on Wednesday, July 19, 2017, from
10 a.m. to 2:30 p.m., at CPFCU Headquarters, 1407 W. Washington Blvd., Chicago.
This program is held in conjunction with
Heartland Blood Centers
, an independent, not-for-profit blood center that relies on the support of the community to ensure blood and blood products are available to patients throughout the Chicagoland area and Northwest Indiana.
Following your donation, we invite you to enjoy a snack and soda on us.
To schedule an appointment in advance, please click here.
Walk-ins are welcome and will be taken on a first-come, first-serve basis. For questions, please call Leslie Pasiewicz at 312.499.8807. Please remember to bring a personal ID card for registration and drinks lot of fluids!
Please enjoy photos from the whirlwind of activity we have enjoyed this past quarter, ranging from Police Month at the credit union to sponsorship of Chicago Police Memorial Foundation's Run To Remember, and a variety of exciting, informative seminars led by our business partners in the Financial Planning and Education Center.
CPFCU was honored to support and participate in the 13th Annual Run To Remember, which was held at the Chicago Police Gold Star Memorial Park on Saturday, May 5th, 2017.
CPFCU celebrated Police Month during the month of May. Congratulations to all of our CPFCU baseball jersey winners!
Photo's From MAF Financial's Retirement Readiness Seminar.
First Chicago Mortgage Services' "First Time Homebuyer" Seminar was was a huge success, and we thank everyone who attended the event.
Photos from CPFCU's seminar on "Understanding Your Credit Score."
Chicago Patrolmen's Federal Credit Union will be closed during the following days:
Tuesday, July 4
Saturday, July 8