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History
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On September 24, 1951 an organization certificate was submitted to the Bureau of Federal Credit Unions through the Social Security Administration and Federal Security Agency to establish a Community Federal Credit Union System. The purpose was to establish a market for securities of the United States, and to make available to people of small means credit for economic purposes through a national system of cooperative credit. Nine individuals,
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Fuyuki Okumura
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(Kaunakakai)
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C. Eric Reppun
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(Kalae)
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J.D. Fitzgerald
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(Kaunakakai)
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Sophie J. Cooke
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(Kauluwai)
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George A. Will
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(Kaunakakai)
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John Iaea
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(Kaunakakai)
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Charles T. Kawano
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(Kaunakakai)
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Elmo Tanner
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(Kaunakakai)
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Sau Ki Wong, M.D.
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(Kaunakakai)
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each subscribed for one share at $5.00 per share. The field of membership was limited to "Residents of the District of Molokai, Territory of Hawaii, except homesteaders under the Hawaiian Homes Commission in the Ho’olehua area and permanent employees of California Packing Corporation and Libby, McNeill & Libby; and organizations of such persons". On October 9, 1951 an Approval was granted by the Bureau of Federal Credit Union for a Federal Community chartered Credit Union in the district of Molokai, Territory of Hawaii that remains today as Molokai Community Federal Credit Union charter number 7471. On October 10, 2003 the Board of Directors amended Section 5 of the charter to read: "Persons who live, work, worship, or attend school in, and businesses located and other legal entities on the Island of Molokai, Hawaii; Spouses of persons who died while within the field of membership of this credit union; employees of this credit union; persons retired as pensioners or annuitants from the above employment; members of their immediate family or household; and organizations of such persons."
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Safety & Soundness
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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 above what is required and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has continued to operate in a safe and sound manner.
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Regulation & Supervision
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Molokai Community Federal Credit Union was 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. Cue’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.
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