Credit Union Basics
What is a credit union
A not-for-profit financial institution owned by its members.
What is a “field of membership”?
The common bond shared by members of a credit union (e.g. school, job, location).
What is the name of the first student-run credit union in the United States?
University of Massachusetts at Amherst
Why were credit unions originally created in the U.S.?
To help lower-income individuals who were denied credit by traditional banks.
Who is our credit union designed to serve?
Students in the Chapel Hill area
Who owns a credit union?
Its members!!
What does NCUA stand for?
National Credit Union Administration
Which student-run credit union is considered the largest in the U.S.?
Georgetown
In what decade did the first student-run credit union launch in the U.S.?
1980s
Which type of credit union is our student-run credit union pursuing?
Association-based membership
What’s one major difference between a credit union and a bank?
Credit unions are not-for-profit; banks are for-profit.
What does "not-for-profit" mean in the context of credit unions?
Profits are returned to members, not shareholders.
What year/decade did the original Chapel Hill Credit Union close?
1990s
During what movement/time did U.S. credit unions start to form in large numbers?
The labor movement in the 1920s.
What is our credit union’s mission?
Our mission is to establish a student-run credit union that offers affordable, transparent financial services; cultivates financial knowledge and wellness; and serves as a practical training ground for the next generation of Carolina leaders.
What do you usually have to do to join a credit union?
Meet a “membership requirement,” like being a student, employee, or living in a certain area.
What’s the term for the extra money a credit union gives members for keeping their money there?
Dividends
What decade did the original Chapel Hill Credit Union open?
1960s
What country is credited with starting the first credit union in the world?
Germany
Approximately how many initial members are we planning for?
500 members
What is the governing body of a credit union called?
The Board of Directors
What do credit unions typically offer lower than banks?
Loan interest rates and fees
What credit union took over the original Chapel Hill Credit Union
Coastal Credit Union
What major law helped credit unions grow in the U.S. by establishing federal regulation and insurance?
The Federal Credit Union Act of 1934.
How much did we raise in the GoFundMe?
$12-$13K