Hawaii State Federal Credit Union
Encyclopedia
Hawaii State Federal Credit Union (HSFCU) is a state-chartered credit union
headquartered in Honolulu, Hawaii
and regulated under the authority of the National Credit Union Administration
(NCUA). HSFCU is the largest credit union in Hawaii. As of March 2009, HSFCU had $1 billion in assets, approximately 72,000 members, and 8 branches.
HSFCU's field of membership is open to state, city and county employees in Hawaii as well as their immediate families. Funds deposited with HSFCU are insured for up to $250,000 by the National Credit Union Share Insurance Fund
and guaranteed by the NCUA.
Hawaii State FCU belongs to the Hawaii Network, a shared-branch service of Hawaii credit unions. HSFCU awards scholarships to members and their children every year.
The Hawaii State FCU came under Federal scrutiny, when Federal regulators raised "serious questions about the actions of the volunteer board overseeing the state's second-largest credit union." "The criticism comes in the wake of confidential federal regulatory reports in 2008 and 2009 that detail multiple examples in which the board's actions raised ethical or governance questions."
Example: "It took a regulatory report by the federal agency three years ago for Beverly Ing Lee, the Hawaii credit union board's chairwoman, to stop using Classic Travel, which she owns, to book board members for credit union-related trips, of which there have been many, at rates higher than that often charged by the airlines directly."
As of 5 February 2011, "At the Hawaii State Federal Credit Union, some directors have changed their ways somewhat after being flagged in annual inspections by the National Credit Union Administration".
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Honolulu, Hawaii
Honolulu, Hawaii
Honolulu is the capital and the most populous city of the U.S. state of Hawaii. Honolulu is the southernmost major U.S. city. Although the name "Honolulu" refers to the urban area on the southeastern shore of the island of Oahu, the city and county government are consolidated as the City and...
and regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA). HSFCU is the largest credit union in Hawaii. As of March 2009, HSFCU had $1 billion in assets, approximately 72,000 members, and 8 branches.
HSFCU's field of membership is open to state, city and county employees in Hawaii as well as their immediate families. Funds deposited with HSFCU are insured for up to $250,000 by the National Credit Union Share Insurance Fund
National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund is administered by the National Credit Union Administration for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. It was created in 1970 shortly after the creation of...
and guaranteed by the NCUA.
History
The Hawaii Territorial Employees' Federal Credit Union was founded on October 26, 1936 by 15 government workers. The credit union later changed its name to Hawaii State Federal Credit Union. HSFCU is a founding member of the Hawaii Credit Union League, an association of credit unions in Hawaii.Hawaii State FCU belongs to the Hawaii Network, a shared-branch service of Hawaii credit unions. HSFCU awards scholarships to members and their children every year.
The Hawaii State FCU came under Federal scrutiny, when Federal regulators raised "serious questions about the actions of the volunteer board overseeing the state's second-largest credit union." "The criticism comes in the wake of confidential federal regulatory reports in 2008 and 2009 that detail multiple examples in which the board's actions raised ethical or governance questions."
Example: "It took a regulatory report by the federal agency three years ago for Beverly Ing Lee, the Hawaii credit union board's chairwoman, to stop using Classic Travel, which she owns, to book board members for credit union-related trips, of which there have been many, at rates higher than that often charged by the airlines directly."
As of 5 February 2011, "At the Hawaii State Federal Credit Union, some directors have changed their ways somewhat after being flagged in annual inspections by the National Credit Union Administration".