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45-627: Actors Federal Credit Union ( ActorsFCU ) is an American federally chartered credit union —a cooperatively run, not-for-profit financial institution, owned and controlled by its members. Based in New York City, New York, ActorsFCU is regulated and insured by the National Credit Union Administration (NCUA), an agency of the U.S. Federal Government comparable to the Federal Deposit Insurance Corporation . It

90-666: A certain threshold, such as the National Credit Union Administration ’s Share Insurance Fund or the Canada Deposit Insurance Corporation . Credit unions as such provide service only to individual consumers. Corporate credit unions (also known as central credit unions in Canada) provide service to credit unions, with operational support, funds clearing tasks, and product and service delivery. Credit unions often form cooperatives among themselves to provide services to members. A credit union service organization (CUSO)

135-472: A charity. Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits, so unlike charities, credit unions do not rely on donations and are financial institutions that must make what is, in economic terms, a small profit (i.e., in non-profit accounting terms, a "surplus") to remain in existence. According to the World Council of Credit Unions (WOCCU),

180-597: A credit union's revenues (from loans and investments) must exceed its operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency. In the United States, credit unions incorporated and operating under a state credit union law are tax-exempt under Section 501(c)(14)(A) . Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501(c)(1) . According to

225-467: A minor renders services as an "actor, actress, dancer, musician, comedian, singer, or other performer or entertainer, or as a writer, director, producer, production executive, choreographer, composer, conductor, or designer." Under the current law, the court may also approve contracts that involve the transfer of intellectual property. In September 2024, California Governor Gavin Newsom signed an expansion to

270-722: A mortgage loan servicer. Currently, ActorsFCU has five branch offices—two in New York City, including the main office in Times Square , one in Los Angeles, one in North Hollywood and one in Chicago. ActorsFCU owns and operates 270 ATMs in NYC's five boroughs, Long Island, and New Jersey and is part of CO-OP Network . Actors Federal is among the few institutions that offer Coogan Trust (SB 1162; CA) and UTMA / UGMA Accounts, designed to protect

315-473: A proclamation declaring May 7 "Actors Federal Credit Union Day" in New York City, in perpetuity. Actors Federal is chartered by the NCUA and governed by a board of volunteers, elected by and from its membership. The Credit Committee, which oversees the issuance of loans to the membership, is also composed of volunteers elected by the membership. Members are encouraged to serve on committees, run for office, and vote at

360-552: A unique parish-based model for Quebec: the caisse populaire . In the United States, St. Mary's Bank Credit Union of Manchester, New Hampshire , was the first credit union. Assisted by a personal visit from Desjardins, St. Mary's was founded by French-speaking immigrants to Manchester from Quebec on 24 November 1908. Several Little Canadas throughout New England formed similar credit unions, often out of necessity, as Anglo-American banks frequently rejected Franco-American loans. America's Credit Union Museum now occupies

405-469: Is both a trade association for credit unions worldwide and a development agency . The WOCCU's mission is to "assist its members and potential members to organize, expand, improve and integrate credit unions and related institutions as effective instruments for the economic and social development of all people". EverythingCU.com is an online community of credit union professionals. In the United States, federal credit unions are chartered and overseen by

450-407: Is forced to declare insolvency, its assets are distributed to creditors (including depositors) in order of seniority according to bankruptcy law. If the total deposits exceed the assets remaining after more senior creditors are paid, all depositors will lose some or all of their initial deposits. However, many jurisdictions have deposit insurance that promises to reimburse members for funds lost up to

495-546: Is generally a for-profit subsidiary of one or more credit unions formed for this purpose. For example, CO-OP Financial Services , the largest credit-union-owned interbank network in the United States, provides an ATM network and shared branching services to credit unions. Other examples of cooperatives among credit unions include credit counselling services as well as insurance and investment services. State credit union leagues can partner with outside organizations to promote initiatives for credit unions or customers. For example,

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540-434: Is the 49th largest credit union in the state of New York and the 993rd largest credit union in the nation. It has an overall health score at DepositAccounts.com of a B, with a B+ Texas ratio . Currently led by Chuck Brown, ActorsFCU serves over 26,000 members of more than 190 organizations nationwide with assets of more than $ 300,000,000. ActorsFCU has 54 full-time employees with a main office and 4 branch offices. ActorsFCU

585-445: Is the distinguishing feature between the cooperative model and modern microfinance. The current dominant model of microfinance, whether it is provided by not-for-profit or for-profit institutions, places the control over financial resources and their allocation in the hands of a small number of microfinance providers that benefit from the highly profitable sector. In the credit union context, " not-for-profit " must be distinguished from

630-843: The Commonwealth of Massachusetts . After being promoted by the Catholic Church in the 1940s to assist the poor in Latin America , credit unions expanded rapidly during the 1950s and 1960s, especially in Bolivia, Costa Rica, the Dominican Republic, Honduras, and Peru. The Regional Confederation of Latin American Credit Unions (COLAC) was formed and with funding by the Inter-American Development Bank credit unions in

675-607: The Credit Union Membership Access Act (HR-1151) enacted 1999: placed its first ATM and became NYC's number one credit union deployer of ATMs. In 2002, NYC Council Speaker Gifford Miller and Third District Council member Christine Quinn along with Torrence Allen, delivered proclamations of congratulations to the ActorsFCU. Letters were also presented from New York State Senator Tom Duane and U.S. Senator Hillary Clinton . Public Advocate Betsy Gotbaum issued

720-743: The Kingdom of Saxony into what are generally recognized as the first credit unions in the world. He went on to develop a highly successful urban credit union system. In 1864, Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied ) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations. The first credit union in North America,

765-510: The National Credit Union Administration (NCUA), which also provides deposit insurance similar to the manner in which the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to banks. State-chartered credit unions are overseen by the state's financial regulatory agency and may, but are not required to, obtain deposit insurance. Because of problems with bank failures in the past, no state provides deposit insurance and as such there are two primary sources for depository insurance –

810-593: The UNI Financial Cooperation caisse in New Brunswick, are incorporated under federal charters and are members of the Canada Deposit Insurance Corporation . Coogan Law The California Child Actor's Bill (also known as Coogan Act or Coogan Bill ) is a law applicable to child performers , designed to safeguard a portion of their earnings for when they reach the age of majority , and protect them from exploitation and abuse. The original Bill

855-546: The World Council of Credit Unions (WOCCU), at the end of 2018 there were 85,400 credit unions in 118 countries. Collectively they served 274.2 million members and oversaw US$ 2.19 trillion in assets. WOCCU does not include data from cooperative banks , so, for example, some countries generally seen as the pioneers of credit unionism, such as Germany, France, the Netherlands and Italy, are not always included in their data. The European Association of Co-operative Banks reported 38 million members in those four countries at

900-588: The Caisse Populaire de Lévis in Quebec , Canada, began operations on 23 January 1901 with a 10-cent deposit. Founder Alphonse Desjardins , a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly Can$ 5,000 in interest on a loan of $ 150 from a moneylender. Drawing extensively on European precedents, Desjardins developed

945-551: The Indiana Credit Union League sponsors an initiative called "Ignite", which is used to encourage innovation in the credit union industry, with the Filene Research Institute. The Credit Union National Association (CUNA) is a national trade association for both state- and federally chartered credit unions located in the United States. The National Credit Union Foundation is the primary charitable arm of

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990-612: The NCUA and American Share Insurance (ASI), a private insurer based in Ohio. In Canada, the majority of credit unions and caisses populaires are provincially incorporated and deposit insurance is provided by a provincial Crown corporation . For example, in Ontario up to CA$ 250,000 of eligible deposits in credit unions are insured by the Financial Services Regulatory Authority of Ontario . Federal credit unions, such as

1035-412: The United States' credit union movement and an affiliate of CUNA. The National Association of Federally-Insured Credit Unions (NAFCU) is a national trade association for all state and federally-chartered credit unions. Based outside of Washington, D.C., NAFCU's mission is to provide all credit unions with federal advocacy, compliance assistance, and education. The World Council of Credit Unions (WOCCU)

1080-526: The annual meeting. ActorsFCU offers a range of account services generally offered by typical financial institutions such as credit cards and consumer loans (including balance transfer, cash advances, computer, union initiation fee, income tax, personal, vacation, and share secured), as well as auto loans and musical instrument loans. It has exempt status conferred by the state to engage in the business of mortgage loan servicing in New York without being registered as

1125-519: The association: "We would very much like such excellent constitutions to be established throughout our region. They would help to rescue people from evil and misery. A beautiful, great idea, a beautiful excellent constitution!" Modern credit union history dates from 1852, when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch in

1170-552: The code remains the sole legal property of the minor child. The law requires a child actor's employer to set aside 15% of the earnings in a trust (often called a Coogan Account) and codifies issues such as schooling, work hours, and time off. The current version of the law is codified in sections 6750–53 of the California Family Code and section 1700.37 of the California Labor Code . The law provides that any of

1215-443: The credit union are its members and owners, and they elect their board of directors in a one-person-one-vote system , regardless of the amount they might have invested. Credit unions see themselves as different from mainstream banks, with a mission to be community-oriented and to "serve people, not profit". Surveys of customers at banks and credit unions have consistently shown significantly higher customer satisfaction rates with

1260-427: The credit union's charter. Members and employees of specified organizations and their immediate family members are eligible to join ActorsFCU. The definition of “Immediate family members” includes, but is not limited to: spouse/significant other, children, grandchildren, siblings, parents, and grandparents. Any individual who joins the credit union as a family member is entitled to the same membership benefits available to

1305-480: The earnings of child performers. By law, fifteen per cent of a young performer's gross earnings must be saved in these accounts, which are locked and are not available for withdrawal until the minor reaches the age of 18. Actors Federal's field of membership is designated by the National Credit Union Administration (NCUA). Membership is limited to individuals who share the common bond defined in

1350-630: The end of 2010. The countries with the most credit union activity are highly diverse. According to WOCCU, the countries with the greatest number of credit union members were the United States (101 million), India (20 million), Canada (10 million), Brazil (6.0 million), South Korea (5.7 million), Philippines (5.4 million), Kenya and Mexico (5.1 million each), Ecuador (4.8 million), Australia (4.5 million), Thailand (4.1 million), Colombia (3.6 million), and Ireland (3.3 million). The countries with

1395-569: The help of Leo Schwarz, Field Representative of the New York League of Credit Unions . In the late 1960s, the credit union issued its first mortgage to actor Jerry Orbach . 1979: Angela Lansbury was welcomed as the ten-thousandth member 1986: merged with Local 700 Motion Picture Editors Guild Credit Union In the late 1980s: merged with Writers Guild of America, East Credit Union 1991: merged with American Federation of Television and Radio Artists (AFTRA) Credit Union 1998: helped get

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1440-562: The highest percentage of credit union members in the economically active population were Barbados (82%), Ireland (75%), Grenada (72%), Trinidad & Tobago (68%), Belize and St. Lucia (67% each), St. Kitts & Nevis (58%), Jamaica (53% each), Antigua and Barbuda (49%), the United States (48%), Ecuador (47%), and Canada (43%). Several African and Latin American countries also had high credit union membership rates, as did Australia and South Korea. The average percentage for all countries considered in

1485-420: The local population. In 1987, the regional financial crisis caused a run on credit unions. Significant withdrawals and high default rates caused liquidity problems for many credit unions in the region. Credit unions and banks in most jurisdictions are legally required to maintain a reserve requirement of assets to liabilities. If a credit union or traditional bank is unable to maintain positive cash flow and/or

1530-626: The location of the home from which St. Mary's Bank Credit Union first operated. In November 1910 the Woman's Educational and Industrial Union set up the Industrial Credit Union, modeled on the Desjardins credit unions it was the first non-faith-based community credit union serving all people in the greater Boston area. The oldest statewide credit union in the United States was established in 1913. The St. Mary's Bank Credit Union serves any resident of

1575-564: The number of members in credit unions worldwide was 375 million, with over 100 million members having been added since 2016. Leading up to the financial crisis of 2007–2008 , in 2006, 23.6% of mortgages from commercial banks were subprime , compared to only 3.6% of those from credit unions, and banks were two and a half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $ 30 billion to $ 60 billion, while lending to small businesses overall during

1620-417: The parties may petition a court to approve an entertainment contract, and if the court does so, somewhat different rules apply. Most important, the child cannot escape its responsibilities under the contract by disaffirming them, which a child normally has the power to do. Later revisions extended the scope of minors' entertainment contracts that the court can approve to include contracts according to which

1665-497: The quality of service at credit unions. Credit unions have historically claimed to provide superior member service and to be committed to helping members improve their financial situation. In the context of financial inclusion , credit unions claim to provide a broader range of loan and savings products at a much cheaper cost to their members than do most microfinance institutions. Credit unions differ from modern microfinance. Particularly, members' control over financial resources

1710-557: The regions grew rapidly throughout the 1970s and into the early 1980s. By 1988 COLAC credit unions represented four million members across 17 countries with a loan portfolio of circa US$ 0.5 billion. However, from the late 1970s onwards many Latin American credit unions struggled with inflation, stagnating membership, and serious loan recovery problems. In the 1980s donor agencies such as USAID attempted to rehabilitate Latin American credit unions by providing technical assistance and focusing credit unions' efforts on mobilising deposits from

1755-656: The report was 8.2%. Credit unions were launched in Poland in 1992; as of 2012 there were 2,000 credit union branches there with 2.2 million members. From 1996 to 2016, credit unions in Costa Rica almost tripled their share of the financial market (they grew from 3.7% of the market share to 9.9%), and grew faster than private-sector banks or state-owned banks in Costa Rica, after financial reforms in that country. "Spolok Gazdovský" ( The Association of Administrators or The Association of Farmers ) founded in 1845 by Samuel Jurkovič,

1800-602: The same period declined by around $ 100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% more likely to be satisfied by a credit union than with a big bank. "Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individuals, as distinguished from " corporate credit unions ", which serve other credit unions. Credit unions differ from banks and other financial institutions in that those who have accounts in

1845-455: The sponsoring member. Membership in Actors FCU is limited to members of the following organizations: Credit union Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018,

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1890-526: Was denied credit specifically due to the fact that he was an actor. This member proceeded to raise the issue at a union meeting and enlisted six men to take up the challenge of starting a credit union for those in the acting profession. These men— Conrad Bain , Anthony Saverino, Robin Craven, Herb Nelson, Theodore Bikel , Angus Duncan, and Bill Ross —formed the Actors Federal Credit Union in 1962 with

1935-434: Was incorporated on December 5, 1962. Its initial purpose was to facilitate members of Actors’ Equity Association (AEA) in their pursuit of getting approved for credit. Actors often had difficulty obtaining loans or other banking serves due to their unpredictable finances and lack of traditionally defined steady employment. The specific impetus behind the 1962 movement was an incident at a local department store: an AEA member

1980-456: Was passed in 1939 by the State of California in response to the plight of Jackie Coogan , who earned millions of dollars as a successful child actor only to discover, upon reaching adulthood, that his mother and stepfather had spent almost all of his money. Since then, it has been revised a few times, most recently on December 7, 2019. As it stands, money earned and accumulated under a contract under

2025-546: Was the first cooperative in Europe (Credit union). The cooperative provided a cheap loan from funds generated by regular savings for members of the cooperative. Members of cooperative had to commit to a moral life and had to plant two trees in a public place every year. Despite the short duration of its existence, until 1851, it thus formed the basis of the cooperative movement in Slovakia. Slovak national thinker Ľudovít Štúr said about

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