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Welcome to the family! We have attempted to answer any questions you might have about the purpose and operations of your credit union, its services, and about the benefits you will derive from being one of its member/owners.
Financial Security Credit Union is a non-profit organization owned and operated by its members for the benefit of all who belong. Our earnings go back to the member in the form of affordable loans, competitive rates on accounts and other valuable services.
The credit union is a cooperative organization operated by the volunteer members formed into governing bodies. A Board of Directors governs the overall operations of the Credit Union. Their responsibilities include:
- Develop policies
- Set dividend rates
- Hire the President/CEO
- Promote the credit union
A Supervisory Committee examines the Credit Union’s operations. On a continuing basis, they must:
- Review policies and procedures
- Safeguard member assets
- Evaluate the internal controls
- Hire an external auditor
- Evaluate the Credit Union’s financial condition
- Review all committee minutes
- Evaluate the performance of Credit Union officials
Members of the Board of Directors and the Supervisory Committee are elected by the membership at the Annual Meeting, held the third Thursday of February each year, respectively.
Membership is open to anyone affiliated with education, retirees of any school district now living in the Carlsbad area, anyone affiliated with nuclear waste disposal and the immediate family of such persons.
Credit unions are chartered under either federal or state law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund (NCUSIF), which covers all federal credit unions and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.
Thank you for choosing the Financial Security Credit Union. |
