A credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of providing financial services to its members.
"Not for Profit, Not for Charity -- But for Service"
This slogan succinctly describes the historic mission of the credit union movement in the United States. It also summarizes the fundamental truths that all prospective credit union organizers must recognize.
The founders of banks are usually required to purchase tens of millions of dollars worth of shares to help launch the institution. In return, they generally expect to receive income and/or capital gains from the bank's profits. However, the organizers of a credit union cannot anticipate any gains that an ordinary member-depositor would not receive. In fact, to help a new credit union get off the ground, they may find themselves spending their own cash and, certainly, their time. This "investment" cannot be rewarded by stock in the new institution. Nor is it really feasible for the organizer to make a loan to the new institution in the months before it is chartered in the expectation of having the loan repaid, since for economic and legal reasons, it would be virtually impossible to charter a new credit union with pre-existing debt. At all times, the common good—the interests of the membership of the credit union—must come first. Unless the credit union begins its life with generous sponsor support or the ability to grow very rapidly, it simply does not generate enough income to be viable.
New credit unions generally require help and resources from their sponsors during their early years. They cannot "upstream" income directly to another organization; only gradually, as they gain strength, are they able to cover their own overhead expenses. In summary, by philosophy, law, and regulations, a credit union's primary purpose is to benefit its members. Starting a credit union demands a considerable amount of altruism by the individuals and sponsoring organizations involved.
Service is a mission and a constant challenge. When a credit union effectively and faithfully serves the needs of its members, it can make an invaluable contribution to society. Our goals include promoting self-help and self-respect, expanding social and economic opportunity, and empowering people. These goals are the very essence of the Network Marketing industry.
To make this vision a reality, we need sponsors to contribute to the organization of Network Marketing Federal Credit Union* (nemaFCU). Contributions can be in cash or services.
We thank Darius Enterprises LLC for committing and providing physical offices, conference room and a mailing address for the next 18 months.
We thank TRANSYSA Inc. for providing email and website hosting.
We thank Paytran LLC for paying for website design and development.
If you wish to provide services, please click here.
To contribute please complete and form below and press "Send" to continue.
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