Volunteers | History | Mission
What is a Credit Union?
A credit union, a bank, a savings and loan...what's the difference?
Oh, but there is a big difference. While other financial institutions are profit-oriented, credit unions are not-for-profit, financial cooperatives, organized solely for the needs of their members. Where does that put our focus? On you, the member, not on our profit margin.
We don't have any customers.
At a credit union, you're an owner, not a customer. And the friendly people on our staff treat you with the respect you deserve.
When you join the credit union, you purchase shares and pool your savings with that of other members in order to support low-cost loans and a variety of other financial services.
Since credit unions are owned and controlled by their members, all profits are returned directly to the membership. With no stockholders to satisfy, members benefit from higher interest rates on savings and lower rates on loans.
Credit unions, banks, finance companies and other financial institutions offer many similar products, but credit unions stand apart from all the others.
Who is eligible to become a member?
You are eligible to become a member of the Newport Beach City Employees Federal Credit Union if:
- You are an employee, volunteer, elected officials, appointed board,commission members, or a volunteer of the City of Newport Beach.
- You are an employee of the Transportation Corridor Agencies (TCA).
- Immeditiate family members of the above.
Once you become a member you can maintain your membership as long as you like, even if you terminate your employment or move to a different area.
Membership Applications
Why join a Credit Union?
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, more than 67 million Americans trust that their credit union will provide the services to improve their financial well being.
Credit union membership offers many benefits. Services offered range from simple savings to home equity 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 asset - their members.
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Board of Directors
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Supervisory Committee
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Credit Committee
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Michael Pisani - Chairperson
Dick Hoffstadt - Vice Chairperson
Susan Giangrande - Treasurer
Lois Thompson - Director
Rich Edmonston - Director
Jennifer Schulz - Director
Micheal Wojciechowski - Director |
Thomas Miller - Chairperson
Jennifer Schulz - Member
Jennifer Manzella - Member
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Dorothy Palen - Chairperson
John Blauer - Member
Cecilia Valenti - Member |
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HISTORY
Credit Union History
Our Credit Union was started by the employees of the City of Newport Beach in 1959. Our original charter included the employees of the City of Newport Beach and their families. Over the years our field of membership expanded to include the employees of the Transportation Corridor Agencies (TCA) and the elected officials, appointed board, and commission members of the City of Newport Beach, CA.
Philosophy & Structure
Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.
Regulation & Supervision
Newport Beach City Employees Federal Credit Union was chartered under federal law. Federally chartered credit unions 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.
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CREDIT UNION MISSION
-Provide and serve all members with useful, competitvely price and efficiently delivered consumer financial services in fair manner.
-Be a well-managed, respected financial institution providing quality services, which enhance the financial well being of its members with integrity, prudence, intelligence, care, skill, and diligence.
-Support credit union philosophy.
-Continuously improve its image, advantages and values of personal service, convenience, cooperation and sound business and financial practices.
-Provide quality financial services to our members with specific intent of helping them gain personal financial success while assuring a secure credit union by maintaining solid financial strength.
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VOLUNTEERS
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