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Navy Federal Credit Union (or Navy Federal) 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 (or retail) credit union in the United States, both in asset size and in membership.
A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1] Credit unions in the United States may either be chartered by the federal government [2] or a state government. [3] The National Credit Union ...
Due to their small size and limited exposure to mortgage securitizations, credit unions weathered the 2007–2008 financial crisis reasonably well. However, two of the biggest corporate credit unions in the United States (U.S. Central Credit Union and WesCorp) with combined assets of more than $57 billion were taken over by the National Credit Union Administration [9] on March 20, 2009.
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The Federal Deposit Insurance Corporation federally insures most traditional banks in case of failure. But credit unions are not considered traditional banks. Is a credit union FDIC insured?
A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
The Federal Credit Union Act is an Act of Congress [1] enacted in 1934. The purpose of the law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions.
Security Service Federal Credit Union was founded as a not-for-profit, member-owned financial cooperative to serve the fiscal needs of the members and families of the U.S. Air Force Security Service Command. The credit union has since expanded its charter to include more than 2,600 ways to qualify for membership. Headquartered in San Antonio, Texas, Security Service offers a full suite of ...
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