CREDIT UNION HISTORY
Costa Mesa Federal Credit Union was founded in 1958 for the employees and
families of the City of Costa Mesa. When the water department broke away
from the City, to become the Mesa Consolidated Water District, they, along
with the City of Costa Mesa, became co-sponsors of the Credit Union. The
Credit Union operated as the Costa Mesa Municipal Employees Federal Credit
Union until 1993 when the Board of Directors decided to welcome small employee
groups to expand the field of membership. In May, 1995 a small Credit Union
for Griswold Industries was merged into the Costa Mesa Municipal Employees
FCU and the Credit Union name was changed to Costa Mesa Federal Credit Union.
In October, 1999 the Credit Union was approved as a Federal Community Credit
Union for the City of Costa Mesa.
In July of 2000 the Credit Union relocated to it's current location in
the Mesa Verde Shopping Center.
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 operated above 1.25% for 11 consecutive
years.
REGULATION & SUPERVISION
Costa Mesa Federal Credit Union is 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.
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