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Beverly Municipal Federal Credit Union

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Beverly Municipal Federal Credit Union

Mission statement:

The mission of a credit union is to provide and promote the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping members gain some particular measure of personal financial success.

Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, nearly 80 million Americans trust that their credit union will provide the services to improve their financial well being. Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit unions strive to deliver the best possible service to their most important asset -- their members.

History:

Credit Union HistorySafety and Soundness

Beverly Municipal Federal Credit Union was started on May 7, 1952. The Board of Directors consist of 11 members, representing many departments of the employees of the city of Beverly and the town of Wenham. These 'volunteers' devote much of their personal time and energy overseeing the operation of the Credit Union.

Credit unions primarily engage in consumer loans and residential real estate lending to their members. Credit union performance is at a 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.

Regulation and SupervisionBack to Top

Beverly Municipal 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. 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.

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