University of new orleans federal credit union
Encyclopedia
The UNO Federal Credit Union, or UNOFCU, was chartered in 1972 by the National Credit Union Administration
(NCUA) to serve the faculty, staff, and students of the University of New Orleans
(UNO). Currently located in New Orleans, Louisiana
, it has one branch located on the Lakefront main campus of UNO and serves approximately 4,000 members, with assets of over $20 Million USD. UNOFCU is also a member of the East Orleans Chapter of the Louisiana Credit Union League.
campus, UNOFCU opened as the financial institution to the UNO community. Over the last 35 years, it has moved 3 times: to the campus Administration building, the Math building, and finally to its current home in the Homer L. Hitt Alumni Center in 2003, allowing it to offer drive-up window service alongside its normal lobby service. UNOFCU has also grown to serve not only the students, faculty, and staff, but also contract workers, alumni, and student organizations. Having only one branch, the credit union
relies on the CU Service Centers
network to help its members who are spread around the country.
UNOFCU received a $299,000 NCUA no-interest loan through its Community Development Revolving Loan Fund after sustaining severe damage during Hurricane Katrina
.
UNOFCU's Board of Directors and Credit Committee, respectively made up of seven and five officials, are elected by and from the credit union
's membership at the annual meetings held every March. The Board then appoints three supervisory committee officials.
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) to serve the faculty, staff, and students of the University of New Orleans
University of New Orleans
The University of New Orleans, often referred to locally as UNO, is a medium-sized public urban university located on the New Orleans Lakefront within New Orleans, Louisiana, United States. It is a member of the LSU System and the Urban 13 association. Currently UNO is without a proper chancellor...
(UNO). Currently located in New Orleans, Louisiana
New Orleans, Louisiana
New Orleans is a major United States port and the largest city and metropolitan area in the state of Louisiana. The New Orleans metropolitan area has a population of 1,235,650 as of 2009, the 46th largest in the USA. The New Orleans – Metairie – Bogalusa combined statistical area has a population...
, it has one branch located on the Lakefront main campus of UNO and serves approximately 4,000 members, with assets of over $20 Million USD. UNOFCU is also a member of the East Orleans Chapter of the Louisiana Credit Union League.
History
First housed in the Physical Plant Services building of the then Louisiana State University in New OrleansUniversity of New Orleans
The University of New Orleans, often referred to locally as UNO, is a medium-sized public urban university located on the New Orleans Lakefront within New Orleans, Louisiana, United States. It is a member of the LSU System and the Urban 13 association. Currently UNO is without a proper chancellor...
campus, UNOFCU opened as the financial institution to the UNO community. Over the last 35 years, it has moved 3 times: to the campus Administration building, the Math building, and finally to its current home in the Homer L. Hitt Alumni Center in 2003, allowing it to offer drive-up window service alongside its normal lobby service. UNOFCU has also grown to serve not only the students, faculty, and staff, but also contract workers, alumni, and student organizations. Having only one branch, the credit union
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...
relies on the CU Service Centers
CU Service Centers
CU Service Centers CU Service Centers CU Service Centers (commonly known as (shared branching) is an organization of credit unions that allows members of participating credit unions to process transactions at any participating branch. As of September 2011, the network included 4,372 participating...
network to help its members who are spread around the country.
UNOFCU received a $299,000 NCUA no-interest loan through its Community Development Revolving Loan Fund after sustaining severe damage during Hurricane Katrina
Hurricane Katrina
Hurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall...
.
Membership
Eligibility for membership is instant upon becoming a student, alumni, employee, or contract worker of UNO and also extends to the immediate family members of current members. UNOFCU has a policy of "once a member, always a member", meaning that even when an employee leaves the university, he or she is still eligible to remain a member for as long as he or she chooses.Current Officials
- CEO - Christopher Maurer
- President of the Board - Frank Schambach
UNOFCU's Board of Directors and Credit Committee, respectively made up of seven and five officials, are elected by and from the credit union
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...
's membership at the annual meetings held every March. The Board then appoints three supervisory committee officials.