What is NCUA? And What Does It Do?

The NCUA Explained The National Credit Union Administration is most commonly referred to as the NCUA. It is the independent federal agency that regulates, charters and supervises credit unions. It’s examiners review credit unions’ safety and soundness. The NCUA provides several services important to consumers: It operates the National Credit Union Share Insurance Fund insuring the savings of account holders in all federal credit unions and majority of state-chartered credit unions. The NCUA provides a Consumer Assistance Center to help consumers in resolving disputes with credit unions and provides information about federal financial consumer protection and share insurance matters. Consumers

What is a CDCU?

“CDCU” is an acronym coined by a trade association serving credit unions called The National Federation of Community Development Credit Unions. CDCU stands for Community Development Credit Union. Credit unions that pay membership fees to join the trade association can use the term CDCU, and call their institutions community development credit unions. While CDCU indicates membership in the trade association, this differs from formal government designations earned by credit unions serving low income people. The most common of these designations are the CDFI certification and Low Income Designation. To become a Community Development Financial Institution (CDFI) a credit union must be certified

What is a CDFI?

Community development financial institutions (CDFIs) are: Are financial institutions dedicated to empowering and protecting working class, moderate to low income people, vulnerable populations and disadvantaged communities. Mission-driven financial institutions working on a local level that know their communities best. They do this by: Providing access to mainstream financial services consumers with no credit, a shallow credit profile or distressed credit are otherwise denied. Serving communities that typically are underserved by traditional financial institutions, or may not have another mainstream financial institution (bank or credit union.) Deploying microbusiness loans, small business a

What are the Credit Union International Operating Principles?

Credit unions around the world operate per the same core principles and values. They are: Democratic Structure Open and Voluntary Membership Democratic Control Non-Discrimination Service to Members Equal Distribution to Members Service to Members Building Financial Stability Social Goals On-Going Education Cooperation Among Cooperatives Social Responsibility How were they created? Credit unions are cooperatively owned businesses. The first modern cooperative was founded in Rochdale, England in 1844. Its creation was driven by a social agenda based on the concept of people working together to achieve a better life for themselves and their community. The Credit Union International Operating Pr

What is the CDFI Fund?

The Community Development Financial Institutions (CDFI) Fund was created in 1994 as an independent agency administered by the U.S. Department of Treasury. The CDFI Fund’s work transforms communities and creates economic opportunity for all Americans. It does this by leveraging public funds to increase private investment in distressed communities through mission-driven financial institutions. (In laymen terms, the CDFI Fund uses federal grants to motivate financial institutions to lend when they normally might not be able to take the risk without harm to their other customers/members.) Since inception, the CDFI Fund has awarded more than $2 billion in funding to financial institutions designa

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