About UsWhat is a credit union?
Credit unions exist solely to serve their members. A credit union is a not-for-profit, cooperative financial institution owned by its members. While banks and other financial institutions must make a profit for their shareholders, credit unions return their profits to members in the form of competitive loan rates, savings rates and services to their members. When you belong to a credit union, it belongs to you!!
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Are credit unions regulated?
Yes, credit unions, like other financial institutions, are closely regulated. The National Credit Union Administration insures deposits of credit union members to at least $250,000 and is backed by the full faith and credit of the United States Goverment.
The Federal Credit Union Act provides that all phases of operations of the credit union be audited regularly by its own supervisory committee and examined regularly by federal examiners of the NCUA. In addition, an audit by an independent auditing firm is conducted at least once a year.
