History
In May 2007, National Association of REALTORS® 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.
REALTORS® Federal Credit Union opened for business on May 1, 2009.
How the REALTORS® Federal Credit Union Works
The credit union works in partnership with NAR as a REALTOR Benefits® Program Partner; however, it is separate from NAR, with its own board of directors and management team.
The credit union (based in Rockville, MD) is a 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.
Oversight of federally chartered and insured credit unions is provided by the National Credit Union Administration (NCUA). NCUA also provides credit union savings insurance of at least $250,000 through the National Credit Union Share Insurance Fund (NCUSIF), a savings insurance program backed by the full faith and credit of the United States Government.
