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America First Credit Union (AFCU) is a federally chartered credit union headquartered in Riverdale, Utah, United States. As of January 2020, America First was the sixth largest credit union in the United States in terms of total membership and eighth largest credit union in assets in the U.S. [1][2]
America's First Federal Credit Union (AFFCU) is a credit union headquartered in Birmingham, Alabama, [1] chartered and regulated under the authority of the National Credit Union Administration (NCUA) [3] of the U.S. federal government. AFFCU is the third largest credit union in Alabama [4] with more than $1.3 billion in assets [2] and 21 branches.
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 ...
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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.
Credit unions were formed based on a bond of association, often beginning with a small group of employees. Despite opposition from the banking industry, the Federal Credit Union Act was signed into law in 1934 as part of the New Deal, allowing the creation of federally chartered credit unions in the United States.
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