What is a Credit Union?
Credit unions are not-for-profit financial cooperatives serving members who share something in common-employment, association membership, or residence in a particular geographic area. More than 70 million U.S. consumers are member-owners of, and receive all or part of their financial services from, the nation's 12,047 credit unions.
District 08 FCU's field of membership shall be limited to those having the following common bond:
- Employees of District 08 of the Louisiana Department of Transportation and Development who work in Dist. 08 area of operation;
- Employees of the Louisiana Department of Transportation and Development, Baton Rouge Headquarters, residing or working in the Dist. 08 area of operation.
- Contractors of District 08 of the Louisiana Department of Transportation and Development who work in District 08 area of operation.
- Spouses of persons who died while within the field of membership of this credit union; persons retired as pensioners or annuitants from the above employment; employees of this credit union; members of their immediate families or household; and organizations of such persons.
- Volunteers of District 08 Federal Credit Union
Philosophy & Structure
Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.
Credit Union History
District 08 State Highway Employees Federal Credit Union, Charter No. 14651 came to it's being after an Organization Certificate was prepared and signed on October 12, 1961 and approval received on the 31st day of October, 1961.
Soundness & Safety
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 & Supervision
District 08 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.
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.
Credit Union Mission
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.
The Mission of the District 08 Federal Credit Union is to be the premier financial services provider to the employees of LA DOTD District 08 and their families!
When legislation or bankers' lawsuits attack any credit union, it's and attack on all credit unions. Your Credit Union proudly protects members' right to join and participate in their not-for-profit financial cooperative.
Benefits of Membership
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.