Learn About the New REALTORS® Federal Credit Union
REALTORS® Federal Credit Union is now open for business!
Read a press release.
Visit REALTORS® Federal Credit Union's Web site.
For years, REALTORS® have tried to work with financial institutions that don’t really understand their personal and business financial needs. That's all changed with the formation and launch of REALTORS® Federal Credit Union, created to serve America’s REALTORS®.
History
In May 2007, National Association of REALTORS(R) (NAR) CEO Dale Stinton announced the Second Century Initiatives, a host of projects strategically focused on supporting the professional and personal interests of REALTORS®. The initiative included a proposal for the formation of REALTORS® Federal Credit Union, which NAR’s Board of Directors approved enthusiastically.
At the 2008 REALTORS® Conference & Expo in Orlando on November 7, NAR announced that REALTORS® had received regulatory approval and a charter for REALTORS® Federal Credit Union. The granting of the charter by the National Credit Union Administration in November 2008 allowed the credit union to commence operations. In December 2008, NAR announced that veteran credit union leader, Thomas A. Glatt, was named REALTORS® Federal Credit Union’s Chief Executive Officer.
How the REALTORS® FCU Works
While the credit union works in partnership with NAR as a REALTOR Benefits® Program Partner, it is totally separate from NAR, with its own board of directors and management team. The credit union (based in Rockville, MD) is a REALTOR®-friendly, not-for-profit, fully independent legal entity that is wholly owned by its members. Directed by an elected volunteer board, REALTORS® FCU offers its members real partnership built through a unique understanding, common goals, and innovative solutions. Committed to improving the quality of life for members and the greater community, REALTORS® FCU is the first completely virtual credit union and serves one of the credit union industry’s largest fields of membership. Eligible members include members of America’s largest trade association, the National Association of Realtors® (NAR), that represents over 1.2 million members involved in all aspects of the residential and commercial real estate industries.
“The credit union is a great member benefit for REALTORS®,” said REALTOR® Mike Brodie, Chair of REALTORS® FCU Board of Directors and former NAR Treasurer. “REALTORS® Federal Credit Union will be open 24/7 and is completely Web-based with U.S.-based call-center support. Because operations will be on the Internet, REALTORS® FCU will be sensitive to the work habits and lifestyles of REALTORS®, most of whom are independent contractors who are compensated by commissions.”
Brodie explained that the credit union is not a bank, and is not akin to banks getting into real estate. “Many companies, government agencies, and professional organizations have credit unions. That includes the U.S. Treasury Department, the FDIC, the Federal Reserve, Congress and the White House, as well as most federal government agencies.”
Who's Eligible
All REALTORS® and their families are eligible to become REALTORS® FCU members. REALTORS® employees and staff, including NAR, state and local boards and associations, and NAR’s institutes, societies and councils are also eligible. REALTOR® clients and customers, such and home buyers and home sellers, are not eligible.
Personal accounts are currently available; business accounts will be available shortly. For the most up-to-date information on products and services available from REALTORS® Federal Credit Union, please visit www.REALTORSFCU.com.
Who can join?
Why does an online credit union make sense?
