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First of all, it's a
cooperative, a group of people who've joined together to help
one another -- in this case by pooling their money to create
their own organization for savings and borrowing money.
It's a pure cooperative. Each member has one vote at a
meeting of members regardless of how much or how little he or
she has invested in the credit union. |
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Members share a
common bond...and ownership!
By law, membership
in a credit union is limited to those who share a common bond
of occupation, association or residence. We are a
federally chartered credit union. What banks call
deposits are considered shared by credit unions. And
they are shares -- shares of ownership. |
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Structure and
Organization
Hartford
Firefighters' Federal Credit Union is a non-profit
organization owned and administered by our members. We
are supervised by an agency of the United States Government
known as the Nation Credit Union Administration (NCUA).
Each member's share account is insured by the NCUA against
loss up to $100,000. As a member, you elect a board of
directors who is responsible for the overall operation of the
credit union. A Supervisory Committee is also
appointed by the Board to see that the policies and procedures
set by the Board of Directors are being adhered to.
Among themselves, the board elects a President, one or more
Vice- Presidents, a Treasurer and a Secretary. |
