University of New Orleans Federal Credit Union

Last updated
UNO Federal Credit Union
Credit union
Industry Financial services
Founded 1972
Headquarters New Orleans, Louisiana, United States
Key people
Christopher Maurer, CEO
Frank Schambach, President of the Board
Products Savings; checking; consumer loans; mortgages; credit cards; online banking
Website unofcu.org

The UNO Federal Credit Union, or UNOFCU, was chartered in 1972 by the National Credit Union Administration (NCUA) to serve the faculty, staff, and students of the University of New Orleans (UNO). [1] Currently located in New Orleans, Louisiana, it has one branch located on the Lakefront main campus of UNO and serves approximately 5,000 members, with assets of over $25 Million USD. UNOFCU is also a member of the East Orleans Chapter of the Louisiana Credit Union League.

National Credit Union Administration independent federal agency of United States

The National Credit Union Administration (NCUA) is the 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, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 111 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. As of September 2016, there were 5,573 federally insured credit unions, with assets totaling more than $1.38 trillion, and net loans of $957.3 billion.

University of New Orleans public university in New Orleans, Louisiana; part of the University of Louisiana System

The University of New Orleans, often referred to locally as UNO, is a medium-sized, metropolitan, public research university located on the New Orleans lakefront within New Orleans, Louisiana, United States. It is a member of the University of Louisiana System and the Urban 13 association.

Contents

History

First housed in the Physical Plant Services building of the then Louisiana State University in New Orleans campus, UNOFCU opened as the financial institution to the UNO community. Over the last 35 years, it has moved 3 times: to the campus Administration building, the Math building, and finally to its current home in the Homer L. Hitt Alumni Center in 2003, allowing it to offer drive-up window service alongside its normal lobby service. UNOFCU has also grown to serve not only the students, faculty, and staff, but also contract workers, alumni, and student organizations. Having only one branch, the credit union relies on the CU Service Centers network to help its members who are spread around the country. UNOFCU received a $299,000 NCUA no-interest loan through its Community Development Revolving Loan Fund after sustaining severe damage during Hurricane Katrina. [2]

Credit union member-owned financial cooperative

A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.

Hurricane Katrina Category 5 Atlantic hurricane in 2005

Hurricane Katrina was an extremely destructive and deadly Category 5 hurricane that made landfall on Florida and Louisiana, particularly the city of New Orleans and the surrounding areas, in August 2005, causing catastrophic damage from central Florida to eastern Texas. Subsequent flooding, caused largely as a result of fatal engineering flaws in the flood protection system known as levees around the city of New Orleans, precipitated most of the loss of lives. The storm was the third major hurricane of the record-breaking 2005 Atlantic hurricane season, as well as the fourth-most intense Atlantic hurricane on record to make landfall in the United States, behind only the 1935 Labor Day hurricane, Hurricane Camille in 1969, and Hurricane Michael in 2018.

Membership

Eligibility for membership is instant upon becoming a student, alumni, employee, or contract worker of UNO and also extends to the immediate family members of current members. UNOFCU has a policy of "once a member, always a member", meaning that even when an employee leaves the university, he or she is still eligible to remain a member for as long as he or she chooses.

Current Officials

UNOFCU's Board of Directors and Credit Committee, respectively made up of seven and five officials, are elected by and from the credit union's membership at the annual meetings held every March. The Board then appoints three supervisory committee officials.

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References

  1. University of New Orleans Staff Handbook; error message-file not found 22/05/2014
  2. NCUA Awards 3 No-Interest Loans. Credit Union Journal. 24 April 2006.