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.
 
LEGISLATIVE UPDATE

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. Keep up to date on legislation or anti-credit union lawsuits through these links:
 
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.

How To Find Out If You Are Eligible To Join

If you are not sure whether you are eligible to join Olive View, or if you don’t know whether your company or organization is a sponsor, please call (818) 367-1057.

CREDIT UNION HISTORY

The credit union idea is a simple one: People should be able to pool their money and make loans to each other. It's an idea that evolved from cooperative activities in 19th century Europe.
Since that time, the idea's guiding principles have remained the same:(1) Only people who are credit union members should borrow there; (2) loans are made for 'prudent and productive' purposes; (3) a person's desire to repay (character) is considered more important than the ability (income) to repay. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions.
As the 20th century began, the credit union idea surfaced in Canada. Canada's successful efforts profoundly influenced two Americans: Pierre Jay, the Massachusetts banking commissioner, and Edward A. Filene, a Boston merchant.
The two men helped organize public hearings on credit union legislation in Massachusetts, leading to passage of the first state credit union act in 1909.
 
SAFETY & SOUNDNESS

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

Olive View Federal Credit Union was chartered under federal law. Federally chartered credit unions are regulated by the National Credit Union Administration, 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.