National Association Of Federal Credit Unions - NAFCU

DEFINITION of 'National Association Of Federal Credit Unions - NAFCU'

An industry trade group founded in 1967 that represents federal credit unions. Its membership is made up of both large and small credit unions, including about 80% of the 100 largest credit unions. Its activities include representing, informing, educating and assisting its members regarding industry issues. Headquartered in Arlington, Virginia, one of its main purposes is to influence the laws and regulations affecting federal credit unions.

BREAKING DOWN 'National Association Of Federal Credit Unions - NAFCU'

Federal credit unions are similar to banks, but are owned by their members and are organized under federal rather than state law. They are regulated by the National Credit Union Administration, and members' deposits are protected by the National Credit Union Share Insurance Fund, which is similar to FDIC insurance.

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RELATED FAQS
  1. Does the FDIC cover credit unions?

    Learn whether or not the FDIC insures your funds at a credit union, and what types of insurance are available at the different ... Read Answer >>
  2. What is the difference between a state and a federally chartered credit union?

    Learn how federal chartered credit unions are regulated by the NCUA, while state chartered unions are regulated by their ... Read Answer >>
  3. Do businesses in states with right-to-work laws have demonstrably less deadweight ...

    Learn more about the economic impact of right-to-work laws and how unions impact production and purchase levels. Explore ... Read Answer >>
  4. Besides a savings account, where is the safest place to keep my money?

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