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The C-B-W Schools Federal Credit Union is an independent financial cooperative chartered under federal law and operated for the benefit of its members, who share a common bond, and their families. Originally formed, in 1956, as a credit union for school employees, the board of directors has expanded the credit union's charter to allow non-school related organizations to join. This practice will continue on a selected basis whenever it is deemed beneficial for both the prospective organization and credit union. The credit union helps its members manage their finances by providing a safe place to save at high dividend rates and to borrow at low interest rates. A member's savings in the credit union are insured up to $100,000 by the National Credit Union Administration, an agency of the federal government. Additional protection is provided by the bonding of officials and employees. As a further control a Supervisory Committee, working in conjunction with an outside independent auditing firm, evaluates policies, reviews the performance of officials and staff employees, and makes recommendations intent on providing safeguards against errors.