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| Maui
County Employees Federal Credit Union:
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Philosophy
and Structure
Credit unions are democratically owned and controlled institutions
based on a "people-helping-people", "Ohana"
principle. Our board
of director is elected by you our members; each member has an equal
vote, regardless of how much he or she has on deposit with us. Only
members may serve as directors, and directors serve without
compensation. Credit unions have no outside stockholders, so after
reserves are set aside, earnings are returned to members in the
form of higher dividends on savings, lower loan rates and lower
cost services. |
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Credit
Union History
Maui County Employees Federal Credit Union was established
in 1937 to serve the needs of County, State, and Federal Government
Employees and their families. Maui County Employees Federal Credit Union continues to offer its members a
wide variety of
financial services and products, for the benefit of our Members. |
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Safety
and Soundness
Credit unions primarily engage in consumer and residential
real estate loans. Credit union performance is
at an historically high level. Currently, credit union capital
nationwide is 10.28% and the equity ratio of the federal insurance
fund, the National Credit Union Share Insurance Fund (NCUSIF), has
operated above 1.25% for 11 consecutive years. |
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Regulation
and Supervision
Maui County Employees Federal Credit Union was chartered
under federal law. Federally chartered credit unions are regulated
by the National Credit Union Administration (NCUA), an independent
agency of the U.S. Government. No taxpayer money is used for regulating
and overseeing federal credit unions. All activities of NCUA
and the NCUSIF are funded by the Federal Credit Unions.
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