New Mexico Educators Federal Credit Union
Encyclopedia
New Mexico Educators Federal Credit Union (NMEFCU) is a federally chartered credit union
headquartered in Albuquerque, New Mexico
and regulated under the authority of the National Credit Union Administration
(NCUA). NMEFCU is the largest credit union by membership in New Mexico. As of 2010, NMEFCU had over 1$ billion in assets, approximately 120,000 members, and 16 branches.
NMEFCU primarily serves employees of educational institutions, but operates under multiple common bonds. Member deposits up to $250,000 in NMEFCU are insured through the National Credit Union Share Insurance Fund
.
NMEFCU regularly donates to charities and organizations in its communities. In 2007 the credit union assisted the University of New Mexico
in establishing a wireless network on their main campus. NMEFCU opened a credit union branch in Atrisco Heritage Academy to promote financial literacy in 2010.
in 1968. Ten years later, employees of the University of New Mexico
and the UniversityHospital
were added. To reflect its changed membership, the credit union changed its name to New Mexico Educators Federal Credit Union in 1982. Members of La Montañita Food Co-op became eligible for membership in 1984. NMEFCU grew its assets and membership over the years and built new branches. NMEFCU opened 3 new branches in 2009.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Albuquerque, New Mexico
Albuquerque, New Mexico
Albuquerque is the largest city in the state of New Mexico, United States. It is the county seat of Bernalillo County and is situated in the central part of the state, straddling the Rio Grande. The city population was 545,852 as of the 2010 Census and ranks as the 32nd-largest city in the U.S. As...
and regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA). NMEFCU is the largest credit union by membership in New Mexico. As of 2010, NMEFCU had over 1$ billion in assets, approximately 120,000 members, and 16 branches.
NMEFCU primarily serves employees of educational institutions, but operates under multiple common bonds. Member deposits up to $250,000 in NMEFCU are insured through 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...
.
NMEFCU regularly donates to charities and organizations in its communities. In 2007 the credit union assisted the University of New Mexico
University of New Mexico
The University of New Mexico at Albuquerque is a public research university located in Albuquerque, New Mexico, in the United States. It is the state's flagship research institution...
in establishing a wireless network on their main campus. NMEFCU opened a credit union branch in Atrisco Heritage Academy to promote financial literacy in 2010.
History
The credit union was founded in 1936 as the Albuquerque Public Schools Federal Credit Union. Their field of membership grew to include employees of Albuquerque Technical-Vocational InstituteCentral New Mexico Community College
Central New Mexico Community College , formerly Albuquerque Technical Vocational Institute, is the community college for metropolitan Albuquerque, New Mexico....
in 1968. Ten years later, employees of the University of New Mexico
University of New Mexico
The University of New Mexico at Albuquerque is a public research university located in Albuquerque, New Mexico, in the United States. It is the state's flagship research institution...
and the UniversityHospital
University of New Mexico Hospital
The University of New Mexico Hospital is a teaching hospital located in Albuquerque, New Mexico, north of The University of New Mexico's Main Campus. It is the only Level I Trauma Center in the State of New Mexico, and also houses the only Children's Hospital and Burn Unit in the state...
were added. To reflect its changed membership, the credit union changed its name to New Mexico Educators Federal Credit Union in 1982. Members of La Montañita Food Co-op became eligible for membership in 1984. NMEFCU grew its assets and membership over the years and built new branches. NMEFCU opened 3 new branches in 2009.