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News Now

Washington
CUNA Online CU expands cooperative reach
WASHINGTON (11/10/08)—The Credit Union National Association (CUNA) welcomed the announcement Friday that Realtors FCU, headquartered in Rockville, Md,, was granted a charter to serve members and employees of the National Association of Realtors (NAR). Realtors FCU will operate as an Internet-based credit union without physical branch locations. The credit union plans to offer a wide range of products and services, to include share drafts, ATM services and debit cards, Internet banking and electronic bill-paying, courtesy pay, mortgage and home equity loans, and an audio response system. The credit union will have a national field of membership. “CUNA offers its warm welcome and hearty congratulations to the National Association of Realtors on its success in establishing a credit union for its members,” declared CUNA Preisdent/CEO Dan Mica. “The technological innovation that will allow the new Realtors FCU to provide online credit union access to its 1.2 million members across the country is laudable in that it expands the reach of cooperative financial institutions. “NAR has worked diligently on its members’ behalf to join the more than 90 million Americans who, as members of 8,000 state- and federally chartered credit unions, enjoy the status of member-owners of their financial cooperatives.” In announcing the NCUA’s approval of the charter, Chairman Michael Fryzel said: "The real estate industry fills an essential front-line role in America's economic life, and the choice and flexibility afforded to NAR members by access to credit union service makes this a logical endeavor. Their efforts to enhance the value of membership through this new credit union are commendable." The charter is due to be presented this morning at the NAR annual convention in Orlando. Tom Dorety, is president/CEO of Suncoast Schools FCU, Tampa, Fla., is scheduled to attend the presentation on behalf of CUNA as its chairman.


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