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| What is the Credit Union Advantage? |
- A Credit Union Is Owned By Its Members
A credit union is a member owned financial institution. At Chino Federal Credit Union, membership is open to anyone who lives, works or attends school in either Grant or Luna counties.
- The Board of Directors Is Elected From The Membership
Any member of the credit union who is in good standing may run for an open position on the Board. Each year, at the annual membership meeting, candidates for the board make presentations and the membership elects board members.
- The Board of Directors Sets The Credit Union's Policies
Policies regarding matters such as loans, collections, and minimum deposit amounts are determined by the Board of Directors. These policies determine the type of services that the credit union offers to its membership.
- A Credit Union Is Not Driven By A Profit Motive
A Credit Union is a not-for-profit organization. The objective of a credit union is to pool the financial assets of the membership to provide funding for loans and
other financial services to the membership who may otherwise be undeserved. Through the use of these pooled financial assets,
a credit union passes the savings back to the member in the form of
lower loan rates, and higher CD rates.
- Credit unions support social and community
programs to improve the quality of life for everyone
- Credit Unions are Regulated and Insured
All federally chartered credit unions, including Chino Federal Credit Union, are regulated by the Nation Credit Union Administration (NCUA). NCUA is an independent federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions.
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 How
it all began.... |
- The credit union movement began in Rochdale,
England in 1844
It was established by the Rochdale Society of Equitable Pioneers
- The Credit Union idea caught on in Canada in
1901
- The U.S. followed in 1908
- A
History of Credit Unions in the United States >>
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