Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, nearly 80 million Americans trust their credit union to provide the services to improve their financial well being. Credit union membership offers many benefits. Services offered range from simple savings to new and used auto loans to IRAs. Study after study has revealed that, on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit unions strive to deliver the best service possible to their most important assets--their members.
Regulation and Supervision
Credit unions are chartered under either federal or state law. The Internal Revenue Federal Credit Union is a federally chartered credit union and we are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. NCUA administers the federal insurance fund (NCUSIF), which covers all federal credit unions and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.