The Georgetown University Alumni and Student Federal Credit Union (GUASFCU) — the largest student-run financial institution in the world — celebrates the 40th anniversary of its founding this year.
Staffed and operated entirely by undergraduate students, GUASFCU is a federally-recognized banking and financial services institution guaranteed by the National Credit Union Administration with assets that top $20.1 million. In its most recent fiscal year, students serviced more than 800 loans and managed a $7.6 million portfolio, giving Hoyas direct hands-on experience in finance and a broad network of alumni and mentors in the industry.
In 1983, the National Credit Union Administration presented a charter to GUASFCU officials in a ceremony at the U.S. Treasury Department.
The Credit Union’s founding dates back to 1983, when Alyce Russo (C’84), a transfer student from the University of Massachusetts Amherst, wanted to bring a more accessible, student-friendly bank to campus after volunteering at her school’s credit union. She partnered with Len Schoppa (SFS’84) and Kyle Stevenson (SFS’84) to create the credit union in 1983, located in a now-razed building in present-day Village C.
(From left to right) Alyce Russo (C’84), Joseph Amato (B’84) and Doug Shattuck (B’84) spoke at a panel during GUASFCU’s 40th reunion.
“When we started it, we never thought it would last 40 years,” says Russo, who is now president of RRR Management Inc., Real Estate Management. “I’m very grateful for all who have passed through its doors over the decades to keep it going. Most of all, it is amazing to see how many people’s lives have been impacted by this little idea from so long ago.”
In the 40 years since, GUASFCU, located in Georgetown’s Leavey Center, has provided more than 6,000 students with real-world opportunities to hone their skills in finance, management and marketing and gain on-the-job business experience. Students in GUASFCU’s internship program begin their tenure as tellers and then advance into specialized roles in marketing, bookkeeping, IT, underwriting and management, all while learning the intricacies of financial management. Many have gone on to careers in consumer and commercial banking and finance, as well as technology, operations and other industries, says Erika Cohen-Derr, associate vice president of Student Affairs.
“In GUASFCU, students become familiar with the regulations that govern consumer banking and have the opportunity to contribute to running an independent and successful organization with longstanding history,” Cohen-Derr says. “When they graduate, they’ve had real life experience in consumer banking that they can draw from in the next phase of their career.”
The 2023-2024 GUASFCU board of directors on the steps of Healy Hall.
Aya Takegami (SFS’25), the credit union’s chief financial officer, prepares financial reports for regulators, reconciles bank statements and oversees the department’s daily operations. During her two years as an intern, she’s used her financial skills to help other Hoyas in their finances and has been mentored by former interns and alumni.
“I think the support given to all interns to pursue initiatives that they are passionate about has been invaluable and has allowed me to take on more responsibility within GUASFCU and create change,” she says. “We stand on the shoulders of those who came before us, and I am honored that I get to be a part of the GUASFCU legacy that has been serving the community since 1983.”
“We stand on the shoulders of those who came before us, and I am honored that I get to be a part of the GUASFCU legacy that has been serving the community since 1983.”
Aya Takegami (SFS’25)
Today, GUASFCU continues to provide affordable banking services for students and offer financial literacy support to Georgetown community members. In addition to budgeting and credit workshops, the nonprofit offers a Credit Builder program, which helps students, alumni and family members build up their credit scores and establish credit history.
Current members and alumni recently attended GUASFCU’s 40-year reunion in late February, where they joined professional development panels on campus, networked with alumni, and later attended a gala at the Kennedy Center with Georgetown President John DeGioia. In celebration of this anniversary, hear from some current members and alumni as they look back on their experiences at GUASFCU.
Hear From Hoyas
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Hear From Hoyas
I plan to attend law school after graduation, which, I hope, illustrates the variety of paths that GUASFCU alumni pursue. Many students assume that our organization is only for people interested in finance, but the skills we cultivate at the credit union, such as effective communication, time management, leadership and problem solving, are useful in any career.
Beyond learning how to run a financial institution with over $18 million in assets, our interns learn to be managers, leaders and teachers. Our staff works very hard to serve our members and show people what students can accomplish.
Leathan Posey (C’24), chief executive officer who will be a summer associate in a financial advisory division of a consulting firm in Washington, DC
Although running the credit union was challenging on so many levels, it was one of the best times of my life. It was very fun to work with a team of people and problem solve day-to-day. Probably the only thing that tops it is coming to a credit union reunion every five years and seeing that it is still around and successful, growing, adapting, surviving.
Alyce Russo (C’84), president of RRR Management Inc., Real Estate Management, and co-founder of the GUASFCU in 1983
I think the most impactful way GUASFCU has altered my career path is the mentorship from older interns and alumni. I initially began in the College, but after talking to a few older students about their coursework, professional dreams and academic interests, I realized that I had similar interests. It was with their guidance that I was able to work on my transfer application into the SFS.
Beyond that, the career information sessions and coffee chats that are provided by students, along with professional mentors, have broadened my understanding of post-grad life and plans. While I am still unsure what I want to do post-grad, I know that the support from interns and alumni have been invaluable thus far.
Aya Takegami (SFS’25), chief financial officer and former vice president of GUASFCU’s Risk Department
I have gained more from my experiences at the credit union than I can ever give back. I built lifelong friendships spanning those who graduated years before and after me, and learned how to motivate and lead individuals when compensation was a non-factor (The organization is fully volunteer). There are skills gained from various experiences related to vendors, public relations and crisis management that I still draw on to this day.
The credit union has survived for 40 years due to the tenacity and desire for success of each graduating class since 1983. In the same vein, these characteristics have led these individuals to become highly successful in their careers (spanning multiple disciplines) post-Georgetown.
Cyril Vergis (B’08), chief financial officer of VetnCare, member of the GUASFCU external advisory board, and former chairman and chief executive officer of the credit union, who helped create the first reunion in 2008
While GUASFCU has a lot to offer its interns even in a typical tenure, navigating COVID-19 and the challenges it brought our way added a layer of complexity that forced us to be innovative in delivering on our growth-related mandates.
Being composed in high-stress situations, meticulous planning abilities and getting comfortable with the idea of being in uncharted territory have been particularly translatable skills as a first year in investment banking.
Being part of this community brings back great memories of Georgetown, drives me to pay it forward, provides me a home away from India and always provides me a place I can derive strength from through my prior experiences and relationships.
Divij Mullick (B’22), investment banking analyst at Bank of America and GUASFCU’s former chief financial officer and controller
