State Chartered Credit Unions in Florida

State Chartered Credit Unions in Florida are not-for-profit financial cooperatives operating under a state charter. These organizations are designated as 501(c)(14) nonprofits, meaning donations to them are not tax deductible[2].

Overview

State Chartered Credit Unions in Florida offer a range of financial services, including personal loans, savings accounts, and other consumer banking services, to individuals sharing a common bond. This common bond often includes members from specific geographic areas, employers, or organizations[1].

Financial Structure

As nonprofits, these credit unions derive their revenue primarily from program services, investment income, and other financial activities. In recent years, program services have accounted for approximately 60% to 65% of total revenues, while investment income and other revenues contribute smaller percentages[2].

Governance and Regulation

The Florida Office of Financial Regulation oversees these state-chartered credit unions, ensuring compliance with both Florida state regulations and federal guidelines where applicable. Their operations are guided by principles of member ownership and control, emphasizing cooperative values such as member economic participation and concern for the community[3][4].

Membership and Services

State Chartered Credit Unions in Florida provide financial benefits to their members, including lower fees and interest rates compared to traditional banks. Memberships often originate from specific groups or geographic areas but can expand over time. These organizations also engage in community support activities, reflecting their commitment to local needs[4].

Key Statistics

• Type of Nonprofit: 501(c)(14)
• State Charter: Yes
• Regulator: Florida Office of Financial Regulation
• Membership Structure: Based on common bonds, such as employment or geographic location[1][3].

[1] https://flofr.gov/divisions-offices/division-of-financial-institutions/credit-unions [2] https://projects.propublica.org/nonprofits/organizations/590653174 [3] https://www.nascus.org/news-analysis/around-the-states/florida/ [4] https://flcu.org/about/florida-credit-union/ [5] https://www.causeiq.com/directory/credit-unions-list/florida-state/