Nevada Federal Credit Union

Nevada Federal Credit Union, a federally chartered credit union headquartered in Las Vegas, Nevada, is one of the largest credit unions in the state with locations in Las Vegas, Henderson, Reno, Sparks, North Las Vegas and Pahrump. It operates several Credit Union Service Organizations (CUSOs) including: Community Realty Services of Nevada, LLC; Community Insurance Services of Nevada, LLC; Community Title Services of Nevada; Nevada Federal Investment Group and others.

As of August, 2008, Nevada Federal has 23 branch locations, 82,108 members, and has USD 819 million in assets. It is classified as a well-capitalized Credit Union by the NCUA.

Nevada Federal holds a community charter, meaning membership is available to anyone who lives, works (or regularly conducts business in), worships, attends school, or volunteers in Clark County, Pahrump, within certain sections of Reno and Sparks along with members of the immediate family or household of an existing member or those eligible for membership.

In 2008, Nevada Federal was chosen as a Best Place to Work by the Society for Human Resource Management ranking No. 21 among medium-size companies with 251 to 999 employees.

History

Nevada Federal began as two credit unions that combined their resources many years later. The Vegas Air Base Federal Credit Union was started on February 10, 1950, when nine civilian employees pooled $5.00 each to begin their Credit Union.

Meanwhile, at Las Vegas City Hall, seven City employees began the Las Vegas City Employees Federal Credit Union on February 14, 1951. For the next 30 years or so, both Credit Unions served the employees of their respective employers and their families. Both Credit Unions grew and expanded their services.

On August 31, 1983, the Nellis Southern Nevada Federal Credit Union and the Las Vegas Federal Credit Union merged and adopted the name Nevada Federal Credit Union.

During the 1980s, several smaller credit unions joined forces with Nevada Federal so that their members could enjoy the benefits of a larger credit union. Those smaller credit unions include the Showboat Credit Union, the Commercial Center Credit Union, the Nevada Air Guard Credit Union, the Washoe State Employees Federal Credit Union, the North Las Vegas City Employees Federal Credit Union, the Vegas Village Credit Union, the Tropicana Employees Federal Credit Union and others.

Product and Services

In addition to traditional banking products and services such as share savings, share certificates, share drafts (checking), mortgage loans, auto loans, and credit cards, the Credit Union offers various non-traditional products. These include second chance (new start) checking, payday loan alternative program, break-the-cycle (payday loan cycle) loans, first-time homebuyer program and essential checking accounts for member-households who earn less than $45,000 annually.

Not-for-Profit Structure

Nevada Federal, like many U.S. Credit Unions, is locally controlled by a volunteer Board of Directors who represent the members interests. Unlike a traditional bank owned by stockholders, a member election for the Board of Directors is normally held once a year. Any member in good standing can petition to run for the Board of Directors. Board volunteers are not paid for their service. The Board also appoints a volunteer Supervisory Committee. The Credit Union's income, aside from operating expenses and funding capitalization, are returned to the members in the form of lower loan rates and higher dividends on deposit accounts. Therefore, the Credit Union maintains a federal tax-exempt status because of the cooperative, not-for-profit organizational structure.

What is a Credit Union?

A Credit Union is a not-for-profit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled Credit Unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one-another. The volunteer Board of Directors that runs each Credit Union is elected by the members.

Federally Insured by the NCUA

Savings accounts at Nevada Federal Credit Union are federally insured to at least $100,000 and backed by the full faith and credit of the United States Government; National Credit Union Administration, a U.S. Government Agency. Individual Retirement Accounts are separately insured up to $250,000 by the NCUA. Nevada Federal Credit Union does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Related Articles

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[http://www.cutimes.com/section/conference/39684 "Las Vegas-Based Nevada Federal CU Showcases Products"]
# [http://www.lvrj.com/business/22706849.html "Two Las Vegas companies ranked among best employers in U.S."]
# [http://www.cutimes.com/section/lending/33869 "Nevada FCU Doing OK ‘Despite Housing Gloom’"]

External links

* [http://www.nevadafederal.org Official Site]
* [http://www.crsnv.com Community Realty]
* [http://www.ininevadafederal.org/index.cfm Nevada Federal Investment Group]
* [http://www.insnevadafederal.org/index.cfm Nevada Federal Insurance Group]
* [http://www.newstartchecking.com New Start Checking]
* [http://www.advancpay.com AdvancPay - Payday Loan Alternative]
* [http://www.getreadyforyes.com Get Ready for Yes]

ee also

* National Association of Federal Credit Unions
* Credit union history
* Cooperative banking
* World Council of Credit Unions
* History of the cooperative movement