LorMet and the National Credit Union Administration (NCUA)
Posted by LorMet Webteam on Fri, Feb 12, 2010 @ 04:14 PM
LorMet Community Federal Credit Union is federally insured by the National Credit Union Administration, an independent federal agency that oversees federal credit unions. In addition to supervising and chartering federal credit unions, the NCUA also administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF insures the savings of the people who put their money and trust into federal credit unions and does the same for a number of state-chartered credit unions.
What does this mean to you? LorMet may be insured by the NCUSIF, which is backed by the full faith and credit of the United States government; but LorMet’s strength comes from our dedication to the communities we serve and our commitment to sound, responsible lending.
It was 1934 when President Franklin Delano Roosevelt signed the Federal Credit Union Act laying the foundation for the modern credit union system as well as what would become the NCUA. This was only two years before a group of nine steelworkers received approval to start the "National Tube Lorain Works Employee Credit Union," an entity which later became LorMet Community Federal Credit Union.
Don't you feel safer knowing that your credit union was started under and remains under the auspices of a national organization to oversee and insure it? But you need not worry about having to rely on the NCUA because really the LorMet Federal Community Union is all about neighbors relying on each other. Since anyone who lives, works, worships, or goes to school in Lorain County is eligible to join, this means that it is in everyone's best interest to keep our credit union going strong. A volunteer Board of Directors makes decisions with LorMet members in mind and do not have to answer to or fill quotas handed down from an office far away.
We just referred to LorMet as your credit union (and if you have any of the connections to LorMet it really is your credit union), but if you are reading this and have not joined LorMet Community Federal Credit Union, contact a member service representative today to find out how.