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.

RELATED TERMS
  1. Credit Union

    Member-owned financial co-operative. These institutions are created ...
  2. Federal Credit Union - FCU

    A credit union chartered and supervised by the National Credit ...
  3. National Credit Union Administration ...

    An agency of the United States federal government that was created ...
  4. Credit Union National Association ...

    This is the premier national trade association representing credit ...
  5. Organized Labor

    An association of workers united as a single, representative ...
  6. Share Draft

    A type of draft used in credit unions as a way to access funds ...
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