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Los Angeles Federal Credit Union (LAFCU), was founded in 1936 by Los Angeles City employees to provide a source for affordable financial service to their fellow workers. Today our 43,000 members include Los Angeles City employees, retirees and volunteers, and "Select Employee Group" employees, members of the Los Angeles Charitable Association, Incorporated, and their families. Like all credit unions, we are a nonprofit financial cooperative that is owned and controlled by our members. In contrast, banks are generally owned by their stockholders and controlled by a paid board of directors. Stockholders, not customers, are the primary concern of banks. As a result, banks charge as much as the market will allow for services, in order to maximize returns to the stockholders. LAFCU is also insured differently than banks. Credit unions with the word "federal" as part of their name are regulated by the National Credit Union Administration (NCUA), a U.S. government agency, and are federally insured by the National Credit Union Share Insurance Fund (NCUSIF). This fund is maintained by premiums paid by federal credit unions instead of taxpayers' money, as is the case with federal deposit insurance for banks. Because credit unions have a historically low failure rate, the NCUSIF, according to a Treasury study, is one of the most secure federal insurance programs in existence today. At LAFCU, we maximize returns to our members in the form of low loan rates, reasonable fees or even no fees for many services, and competitive savings rates. As a credit union, our primary concern is your financial well-being and satisfaction. As a LAFCU member, you have a voice in the operation of LAFCU through our Board of Directors, which are composed of non-paid volunteers elected by fellow LAFCU members.