A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts, share draft accounts, credit cards, credit, share term certificates, and online banking. Normally, only a member of a credit union may deposit or borrow money. In several African countries, credit unions are commonly referred to as SACCOs.
Navy Federal Credit Union is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member credit union in the United States, both in asset size and in membership. As of July 2024, Navy Federal has US $177 billion in assets and has 13.8 million members.
The Credit Union National Association, commonly known as CUNA, was a national trade association for both state- and federally chartered credit unions located in the United States. CUNA provided member credit unions with trade association services, such as lobbying, regulatory advocacy, professional development, and professional services management. The organization operated out of its headquarters in Washington, D.C., and an operations center in Madison, Wisconsin. CUNA's president and chief executive officer Jim Nussle led the organization since September 2014 and now leads its successor organization, America's Credit Unions.
The American Bankers Association (ABA) is an American trade association for the U.S. banking industry, founded in 1875. They lobby for banks of all sizes and bank charters, including community banks, regional and money center banks, Federal savings associations, mutual savings banks, and trust companies. The average member bank has approximately $250 million in assets. ABA is the largest financial trade group in the United States.
A credit union league or credit union central is cooperative federation for credit unions.
Gulf and Fraser Fishermen's Credit Union, operating as Gulf & Fraser, is a member-owned financial institution in Burnaby, British Columbia, Canada, and is the sixth largest credit union in British Columbia by asset size. With a history dating back to 1940, Gulf & Fraser provides banking and a variety of financial services including borrowing, investments and financial planning. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia, a crown corporation that insures the deposits of credit union members.
SchoolsFirst Federal Credit Union is a federally chartered credit union that serves the educational community in California. It is headquartered in Tustin, California, and has branches throughout California. Before April 14, 2008, it was named Orange County Teachers Federal Credit Union, or OCTFCU.
Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of $34.8 billion and more than 2.8 million members as of December 2023.
TruStage Financial Group, Inc., formerly known as CUNA Mutual Group, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products. TruStage Financial Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.
The National Association of Federally-Insured Credit Unions (NAFCU) is a U.S. trade organization representing the nation's federally-insured credit unions. The NAFCU hosts conferences, publishes original research on issues relating to the credit union industry, and provides testimony before the United States Congress on issues relating to credit unions and the financial services industry.
The Michigan State University Federal Credit Union (MSUFCU) is a credit union headquartered in East Lansing, Michigan. Primarily serving students and alumni of Michigan State University and Oakland University, MSUFCU is federally chartered and regulated by the National Credit Union Administration (NCUA). MSUFCU is the largest university-based credit union in the world, and the second-largest credit union in Michigan.
Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion.
The California and Nevada Credit Union Leagues are the trade association for credit unions in those states. They serve more than 220 credit unions in California and Nevada with more than 12 million members and more than $281 billion in assets.
Worldpay is an American multinational financial technology company and payment processing company. Worldpay provides payment and technology services to merchants and financial institutions globally generating 40 billion transactions across 146 countries and 135 currencies.
Spire Credit Union was a not-for-profit financial cooperative that was founded as the Twin City Co-ops Credit Union in 1934 and changed its name to Spire Credit Union on March 31, 2008. Spire was headquartered in Falcon Heights, Minnesota, served over 153,000 members, and controlled more than $2.1 billion in assets. In 2024, it merged with rival Hiway Credit Union and rebranded as Blaze Credit Union.
Great Wisconsin Credit Union, formerly known as CUNA Credit Union until 2005, was a credit union that was founded on September 17, 1935, in Madison, Wisconsin. The credit union had been started to serve employees of the CUNA Mutual Group and the local community. By 2007, Great Wisconsin Credit Union had approximately 46,000 members and 428 million dollars in assets. As of 2008, the credit union had a total of nine locations throughout Wisconsin. The credit union became defunct in 2008, after a merger with Summit Credit Union.
Established in 1935, Summit Credit Union is a member-owned financial cooperative. Summit holds $7.3 billion in assets and has more than 261,100 members and 920 employees across 60 locations throughout Wisconsin. Since 2002, Kim Sponem has been CEO & President of Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union.
The Credit Union Share Insurance Fund Parity Act is a bill that would expand federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions.
Caltech Employees Federal Credit Union (CEFCU) is a credit union for the California Institute of Technology family and its affiliate organizations. CEFCU is headquartered in La Cañada Flintridge and is the 25th largest credit union in the state of California. It is also the 156th largest credit union in the nation. The union's savings rates are 73% higher than the national average.
Ascend Federal Credit Union is a federally chartered credit union based in Tullahoma, Tennessee. Ascend is regulated and insured through the National Credit Union Administration (NCUA).
