National Association of Realtors Approves Formation of REALTORS Federal Credit Union

LAS VEGAS — By an overwhelming voice vote here during its annual meeting on Friday Nov. 16th, members of the National Association of Realtors approved the formation of REALTORS Federal Credit Union to serve realtors, the staff of realtor organizations and their families. The NAR board approved a $10 million grant as seed money to start the CU, with another $5 million supplemental grant available anytime in the next five years if needed.

The NAR had been researching the chartering of a credit union for 20 months, as reported first by Credit Union Times last year. Since the option was proposed, two separate task forces conducted extensive survey research on forming a credit union. NAR members were surveyed via mail, phone and online. NAR member agents and brokers, Association Executives and Multiple Listing Services (MLSs) and nonmember real estate licensees were included in the surveys to test interest in joining a credit union. In all cases, interest and enthusiasm were very high, said NAR officials.