CREDIT UNION HISTORY
The Parlin DuPont Employees Federal Credit Union was chartered in 1937 as the Parlin DuPont Finishes Employees Federal Credit Union. For many years we served the employees of the Finishes plant by providing low cost loans and competitive savings rates. In 1983 through a vote of our members, our charter was revised to include the Parlin DuPont Photo Products Division. This dramatically increased the number of members as well as our asset size.
In 2004 we began to expand to local area businesses. We have continued to add new products and services and we are now a full service financial institution. Our goal is to be our members primary financial institution. We look forward to serving our members and their families for years to come.
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 continued to operate above 1.25%. for many years. All member shares are insured by the NCUSIF up to $250.000.
REGULATION & SUPERVISION
Parlin DuPont Employees 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.
When legislation or bankers’ lawsuits attack any credit union, it’s an 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