How are credit unions regulated?
First Tech, similar to other credit unions, is a cooperative financial institution, owned and controlled by the people who use its services – the members. Like First Tech, credit unions serve groups that share something in common like an industry (technology and telecom), an employer (state of Oregon) or a geographic location (Lane County). Credit unions are not-for-profit financial institutions whose goal is to provide a safe place for your money and low cost loans. According to the National Credit Union Administration, “Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $100,000.” Above all, credit unions are different from other banks and
Credit unions, like other financial institutions, are closely regulated. The National Credit Union Share Insurance Fund is administered by the National Credit Union Administration (NCUA), which is an agency of the federal government. This fund insures deposits of credit union members at more than 11,000 federal- and state-chartered credit unions nationwide. Deposits are insured up to $100,000 per account. Some credit unions also have additional insured coverage for their accounts.
