About the Credit Union
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The Northern Illinois Federal Credit Union is a financial cooperative owned, operated and controlled by its members. We exist to encourage and provide financially sound and responsible savings, loans and needed services to our members.
Through the years, our board of directors have continually taken steps to improve the credit union for our members. We have extended our membership to serve family members of NIU employees and other employer groups. New products and services have been made available such as checking accounts, a variety of loan options and online banking. We want to build on the legacy of the past, but prepare the credit union to meet the needs of future members. Become a member today!
Our History
The credit union was originally founded in 1958 under the name of NIU Employees Credit Union as a state-chartered credit union with 17 founding members and assets of $1,160. In 1969, the credit union converted to a federal charter and was renamed to NIU Employees Federal Credit Union. By 1976, the credit union had grown to cover several hundred members and $1,000,000 in assets.
In 2012 the credit union expanded their field of membership to include DeKalb Public Library employees. They expanded again in 2015 to include IASBO (Illinois Association of School business Officials) employees. In 2020 the credit union expanded to serve a broader field of membership, including those who live, work, attend school or worship in DeKalb, Lee, and Ogle counties.
The credit union is now known as Northern Illinois Federal Credit Union to reflect their expanded field of membership, having 2,200 members and more than $15,400,000 in assets.
Member-Owned Organization
As a member-owned organization, the credit union is governed by a board of seven directors who are elected from the membership. A separate supervisory committee acts on behalf of the membership to monitor office operations and ensure compliance with board policies and all federally mandated regulations. Members are invited and encouraged to attend the annual meeting, held each spring, where the status of the credit union and the past year's activities are reported.