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GECU (formerly Government Employees Credit Union) [1] is a federal chartered credit union headquartered in El Paso, Texas.GECU is regulated under the authority of the National Credit Union Administration (NCUA) and each of their members is an owner who has a vote and a share in the credit union.
Credit unions in the United States may either be chartered by the federal government [2] or a state government. [3] The National Credit Union Administration is the U.S. independent federal agency that supervises and charters federal credit unions.
Credit unions' net income declines. GECU has $4.4 billion in assets, largely loans, Rascon reported — up 4.7% from 2022. It has 950 employees, making it a major El Paso employer.
As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. [5] Total credit union assets in the U.S. reached $1 trillion as of March 2012. [6]
The credit union began with $437 in assets and 17 members and was first operated from the basement of Raleigh's Agriculture Building. [6] By 1960, the credit union grew to serve over 70,000 members and had assets of almost $25 million. [7] By 2022, State Employees' Credit Union had grown to over $53.1 Billion in assets and 2.7 million members.
A branch of the Coastal Federal Credit Union in Raleigh, North Carolina. A credit union is a member-owned nonprofit cooperative financial institution.They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
Adding in the 3.7 million federal civilian employees there were 20 million government employees. In 2010 8.4 million government workers were represented by unions, [19] including 31% of federal workers, 35% of state workers and 46% of local workers. [20]
The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation (FDIC), which insures commercial banks and savings institutions.