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 Credit Union History Meriden Schools Federal Credit Union was chartered in 1936 "to promote thrift among its members, by affording them an opportunity for accumulating their savings and to create for them a source of credit for loans for provident or productive purposes." For the past seventy three years the credit union has steadfastly adhered to its purpose. Specific savings and loan instruments have changed to meet the requirements and needs of the members, but the credit union has always remained an institution of "People Helping People." Safety & Soundness Credit unions primarily engage in consumer loans and residential real estate lending to their members. Credit Union performance is at a historically high level. Currently, credit union capital nationwide is 11.28% and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has operated above 1.25% for 11 consecutive years. Regulation & Supervision Meriden Schools 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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