American Nonprofits Federal Credit Union
Background of ANFCU (Proposed)
American Nonprofits Credit Union is a membership organization open to U.S. nonprofit, 501(c)(3) organizations and their staff, stakeholders and volunteers. American Nonprofits exists to:
- Create a platform for research, dialog, and debate among nonprofit finance professionals and thought leaders on topics related to finance, accountability, capital, and strategy
- Create a democratically governed financial institution (a federal credit union) owned by the nonprofit sector to which nonprofits, foundations and individuals can move their deposits, and see their deposits and fees used to support the nonprofit sector.
The credit union will be an ideal complementary financial institution for many nonprofits; one that will provide them with a place for deposits that are federally guaranteed and keeps the fees in the nonprofit sector. The credit union will also provide lines of credit, credit cards, and other modest credit vehicles from which they are not currently available from financial institutions. It will be a financial institution where supporters of the nonprofit sector can proudly put their deposits and obtain services such as checking and savings accounts, credit cards, and loans.
We have received preliminary approval of the all-important Field of Membership for the credit union from the National Credit Union Administration (NCUA) and are well into the process of business plan development and raising capital. Only members of American Nonprofits will be eligible to join the proposed credit union, American Nonprofits Federal Credit Union (ANFCU).
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