Lihue / Hawaii / United States
Credit unions are democratically owned and controlled institutions based on people helping people principles. Credit union boards of directors are elected by members ; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services. Kauai Government Employees Federal Credit Union was established in 1947 to serve all County, State, and Federal Government Employees and their families in their basic financial needs. After half a century of service, and rated as one of the top Credit Unions in the State of Hawaii, Kauai Government Employees Federal Credit Union continues to offer its members a variety of financial services and products, at attractive rates, and at little or no costs to its members. 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.
