Awakon Federal Credit Union is a not-for-profit financial cooperative providing the best service to our most important assets – our members.
Founded on the basic democratic premise of the cooperative movement, the Awakon Federal Credit Union believes that access to low-cost financial services is critical to the health and stability of ordinary citizens. Your credit union membership offers many benefits. Services offered range from simple savings and checking accounts, mortgage loans to IRAs and Certificates of Deposit. Study after study has revealed that, on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings.
Building Financial Trust and Stability, One Member at a Time…
NCUA – Regulation and Supervision
Credit unions are chartered under either federal or state 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. State chartered credit unions are regulated by their state credit union department. 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.
The Michigan Credit Union League (MCUL), established in 1934, is a non-profit trade association of credit unions throughout Michigan. The League provides professional services and assistance to credit unions in the areas of regulatory and legislative affairs, education and training, media advocacy, and much more. MCUL is owned by affiliated credit unions in the same cooperative manner as a credit union is owned by its members.