What are NCUA and CDFI?
Launch Credit Union is NCUA and CDFI certified to protect members’ finances and spark growth in the community.
What is NCUA?
The National Credit Union Administration (NCUA) insures deposits at federally insured credit unions, protects the owners and charters, and regulates federal credit unions. The federal agency was established by the U.S. Congress in 1970 to protect the safety of credit unions. The NCUA has three Board of Director members, appointed by the president, and confirmed by the Senate. They are responsible for setting policies, approving budgets, and adopting rules.
What does this mean for our members?
The NCUA ensures that our members’ savings are federally insured to at least $250,000 and backed by the United States Government. If a credit union collapses, the NCUA becomes responsible for managing and closing the institution. Banking with a credit union can give you peace of mind knowing your finances are safe.
What is CDFI?
The Community Development Financial Institutions Fund (CDFI) is in place to help bring economic growth and opportunity to communities in need. Financial institutions registered with CDFI aim to provide financial services for low-income individuals. A CDFI can help finance mortgage lending for first-time home buyers, commercial loans for businesses in low-income areas, allow flexible underwriting for community facilities, and more.
What does this mean for our members?
Launch Credit Union is proud to be CDFI certified. This program will give us more funding to serve our community and help our members go beyond! We look forward to using CDFI to help start businesses to create more jobs, help families buy or renovate homes, and contribute to other investments that grow our community.
