A credit union is a member-owned nonprofit cooperative financial institution.
The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
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 2023, Navy Federal has US$165.2 billion in assets and has 13 million members.
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 $25 billion and more than 1.8 million members as of July 2018.
Security Service Federal Credit Union (SSFCU) is a credit union headquartered in San Antonio, Texas, federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $10.5 billion in assets, Security Service serves more than 800,000 members, and operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.
iTHINK Financial was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured credit union with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout Florida and Georgia and approximately 380 employees. iTHINK Financial’s headquarters are located in Delray Beach, Florida.
South Carolina Federal Credit Union is a credit union headquartered in North Charleston, South Carolina, that is supervised and insured by the National Credit Union Administration (NCUA), an agency of the U.S. government. South Carolina Federal is the largest, oldest, locally owned financial institution in the Charleston tri-county area. As of 2018, South Carolina Federal had over US$1.8 billion in assets and over 160,000 active members.
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.
National Credit Union Administration v. First National Bank & Trust Co., 522 U.S. 479 (1998), is a 1998 legal case in which the Supreme Court of the United States ruled that banks had prudential standing to challenge regulations that permitted credit unions to enroll unaffiliated members.
State Employees' Credit Union (SECU) is a North Carolina state chartered credit union headquartered in Raleigh, North Carolina regulated under the authority of the Credit Union Division of the NC Department of Commerce. SECU member deposits are insured by National Credit Union Administration (NCUA) of the U.S. federal government. SECU is the second largest natural member credit union in the United States, both in asset size and in membership. As of August 28, 2022, SECU has $53.1 billion in assets, over 2.7 million members, and 270 branches with locations in all of North Carolina's 100 counties. SECU operates the no-fee CashPoints automated teller machine network, which is the largest ATM network in North Carolina. Membership in the credit union is primarily limited to employees of the state of North Carolina and their immediate family or the immediate family of current SECU members.
VyStar Credit Union is a member-owned financial cooperative that is headquartered in Jacksonville, Florida. It offers a comprehensive selection of products, including deposit and loan services for consumers and businesses, as well as investments, insurance, retirement planning and financial counseling. Founded in 1952 as Jax Navy Federal Credit Union, VyStar is the largest mortgage lender and the fourth-largest financial institution in Northeast Florida. It is regulated by the Florida Office of Financial Regulation and federally insured by the National Credit Union Share Insurance (NCUSIF) offered by the National Credit Union Administration (NCUA).
Alliant Credit Union is a member-owned financial cooperative headquartered in Chicago, Illinois. Founded in 1935, Alliant is the ninth largest credit union by asset size in the United States with USD 14 billion in assets, and serves more than 600,000 members nationwide. Alliant services employees, retirees, and members of qualifying organizations and their family members; any member of the Foster Care to Success and individuals who live or work in a qualifying community and their family members.
Wright-Patt Credit Union (WPCU) is a US credit union or financial cooperative headquartered in Beavercreek, Ohio. The credit union was originally headquartered in Fairborn, Ohio; however, it relocated in early 2014. WPCU is registered as a state-chartered type credit union, is the largest member-owned credit union in Ohio, and is one of the 50 largest credit unions in the United States. As of February 2022, WPCU has over $7.1 billion in assets, and over 446,000 members. WPCU is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States. Deposits with Wright-Patt Credit Union are insured to $250,000.
Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires, and in western Canada.
NASA Federal Credit Union is a credit union founded in 1949 and is headquartered in Upper Marlboro, Maryland, United States. It holds more than $3 billion in assets, and is insured by the National Credit Union Administration. The credit union has about 200,000 members, nationwide. It had been named Best-in-State credit union in Maryland in 2018 and 2019 by Forbes.
Randolph-Brooks Federal Credit Union (RBFCU) is a credit union headquartered in Live Oak, Texas, chartered and regulated under the authority of the National Credit Union Administration (NCUA). RBFCU serves more than 850,000 members from a network of full-service branch locations in Texas, and has more than $14.77 billion in assets as of May 2022. It is one of the largest credit unions in the United States; and is the largest credit union in Texas, and the 11th largest credit union in the United States, based on total assets.
United Heritage Credit Union is a credit union headquartered in Austin, Texas, chartered and regulated under the authority of the Texas Credit Union Department and federally insured by the National Credit Union Administration. United Heritage Credit Union has over $1 billion in assets.
Telhio Credit Union or Telhio is a US Credit union or financial cooperative headquartered in Columbus, Ohio. Telhio is registered as a state-chartered type credit union and is the fifth largest credit union in Central Ohio. As of December 2020, Telhio has approximately $947Mil in assets, and 52,569 members. Telhio is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States up to $250,000. Additionally, Telhio carries ESI Insurance, which insures personal accounts an additional $250,000, for a total of $500,000 in deposit insurance.
MAX Credit Union is a state-chartered credit union based in Montgomery, Alabama. MAX Credit Union operates 18 locations in five counties in Central and East Alabama and as of January 2021 had US$1.77 billion in assets and 116,418 member owners. MAX is ranked the 5th largest credit union in Alabama in asset size and the 212th largest credit union in the US in asset size. MAX provides consumer and commercial financial services and is regulated and insured by the National Credit Union Administration (NCUA).
