WHAT IS A CREDIT UNION?
A credit union is a financial institution. Similar to other financial institutions, a credit union can offer a wide range of products and services such as savings (regular shares), checking, certificates of deposits (share term certificates), loan products, and much more. Other than the name of the products, there is not much of a difference between products by a credit union and a bank. So, what makes a credit union different from other financial institutions?
A Defined Field of Membership
- Employees and members of the Filipino American Chamber of Commerce of SouthBay Los Angeles Area (FACC-SLAA), Carson, California
- Persons of Japanese ancestry and their immediate family living in Los Angeles and Orange Counties, California; employees of this Credit Union and organizations of such persons. Immediate family shall include any family members related by blood, law or marriage, or residing within the same household.
- Those who pursue as their major occupation, in the County of Orange, the profession of gardening, landscaping, horticulturists, and/or nurserymen; full time employees of nurseries, landscapers, horticulturists, or gardeners; members of their families and organizations of such persons. Full-time employees are defined as persons who work at least 24 hours per week in the occupation stated above.
- Staff members of RED Boxing International Promotions
- Members of Dreamers & Visionaries of South Bay, Inc.
- Members of Cabanatuan City Association California, Inc.
- Members of Troy Philippines of University of Southern California
- Employees of Tambuli Corporation DBATambuli Market
- Members of Long Beach Parol Lantern Festival
- Members of Filipino Community of Carson (FCC)
- Members of ACLACI (Acacia Craftsmen of LA, CA Inc.)
- Members of Therapist Only Athletic Association (TOAA)
- Members of Filipino-American Chamber of Commerce of Hollywood (FACCHO)
- Members of Filipino-American Chamber of Commerce of Tri- County (FACC Tri-County)
- Members of Filipino-American Chamber of Commerce of Orange County (FACCOC)
- Members of Filipino-American Chamber of Commerce of Greater Los Angeles (FACC-GLA)
- Members of Philippine Eagle Dragon Boat Rowing Team
- Staff Members and Students of Pamana Kali, LLC
- Members of Kayumanggi Lions Club
- Staff members of Amor Yu Productions
- Employees and staff members of Search to Involve Pilipino Americans (SIPA)
- Members of Alpha Kappa Rho International Humanitarian Service Fraternity and Sorority Inc. (AKP, AKRHO, and SKEPTRON) - USA, West Coast Council, SoCal Chapter
- Employees and staff members of Rolly’s Tax Service, Inc.
- Members of Sister Cities Of Long Beach Inc Long Beach Bacolod Association (DBA)
- Members of Los Angeles Tanay USA Lions Club
- Members of Kagay-anons of Southern California
- Employees and staff members of Regal LNC, Inc.
- Philippine Independence Day Foundation, Inc. (PIDF)
- Members of Hompa Hongwanji Buddhist Temple
- Members of the Fellowship Basketball Association
- Employees and members of the Japanese American Cultural and Community Center, Los Angeles, California.
- Employees of Sushi Boy, Inc., Gardena, California.
- Employees of Array Systems, Inc., Torrance, California
- Employees of Nippon Express USA, Inc., Torrance, California
- Members of the Gardena Valley Baptist Church, Gardena, California
- Employees of Asahi Beer USA, Inc., Torrance, California
- Employees of Funai Corporation, Torrance, California
- Employees of F.K. Nursery, Los Angeles, California
- Employees of Fujitsu-Ten, Torrance, California
- Employees of Little Tokyo Service Center and LTSC CDC, Los Angeles, California
- Members of Faith United Methodist Church, Torrance, California
- Employees of Marukai Corporation
- Businesses owned by, or associations of, individuals who qualify for membership in the credit union.
- Other credit unions organized under either the Federal or State Laws appertaining to credit unions.
Member Owned, Not-for-Profit
Credit Union Tax Exemption
Why Credit Union Tax Exemption is Fair
The American Bankers' Association claims that the tax exemption gives credit unions an unfair advantage in the marketplace and hurts banks. But statistics tell a different story: Federally insured credit unions had $662.4 billion in assets as of March 31, 2005. FDIC-insured institutions held over $10.2 Trillion in assets, and last year these institutions grew by an amount that exceeds the total assets of all credit unions combined. Additionally, the growth of not-for-profit credit unions is a direct result of keeping our promise to serve the financially under-served.