NODA Federal Credit Union services the United States Department of Agriculture employees that are supervised out of the New Orleans Metropolitan Area. NODA Federal Credit Union was established in 1941 to provide a low cost alternative financial institution for individuals who shared the common bond exclusive to its membership base. Even though its member groups are more numerous and diverse now, NODA remains committed to the ideals of the credit union movement and, more importantly, to provide for the needs and desires of its membership. Today, the credit union's objective is to produce a level of quality, quantity, convenient, and cost competitive products and services unsurpassed within Southeast Louisiana, so much so that current and potential members would have neither the need nor desire to "bank" elsewhere.
NODA, while functioning in the same operational manner as other financial services providers such as banks and savings and loans, is distinctively different in one important aspect, and is continually working toward uniqueness in another critical characteristic.
First, the primary difference is this institution's basic business motive--the principles under which it operates and exists--which is "not for profit, not for charity, but for service". This slogan, though seemingly simplistic and idealistic, is the foundation upon which the credit union movement has been built. Be assured NODA continues to adhere to this pledge.
Second, the unique characteristic this institution strives to demonstrate is that we truly are "At Your Service..." rather than simply proclaiming it through advertisements and literature.
Your credit union is operated from policies set by the Board of Directors who are elected by you, the member. The Board of Directors do not receive hefty paychecks or bonus, in fact they are VOLUNTEERS who donate their time and knowledge to oversee the management and growth of your credit union. There are no outside stockholders. Earnings are returned to you, the member, in the form of dividends on savings and better rates on loans. We are governed by NCUA (National Credit Union Administration), a U.S. Government Agency. This assures each member that we follow all regulations governing Credit Unions. Your accounts are federally insured by the NCUA for $250,000 per member. NODA is a member of the Louisiana Credit Union League.
Every year your Credit Union is examined by the NCUA to insure safety and soundness. The Supervisory Committee, volunteers from among the membership, appointed by the Board of Directors conduct periodic exams on internal procedures. The last financial audit of NODA was completed October 3, 2008 by Joe Hamilton and Associates. The results of the audit were outstanding, NODA is very well capitalized and continues to steadily grow strong. Mr. Hamilton commended NODA on it's "incredible performance" and complimented the staff on there performance. Financial statements for NODA FCU and all NCUA insured credit unions can be viewed online at www.ncua.gov. During this time of trouble with the banks, credit unions as a whole are standing out as being safe, sound and well managed. According to NODA's recent audit, NODA stands out above most credit unions. You should be proud of your membership and share the news about NODA with your family and friends. Let them be a part of the "Credit Union Difference" by inviting them to join, if they are not in our field of membership we will help you find a credit union to service them.
Providing financial fitness for each member is our goal. Whether you save or borrow, you can benefit in many ways by dealing with your member-owned Credit Union. This is your organization committed to providing quality financial services. Remember, when you need a financial service, think first of your Credit Union.
Your interest in NODA Federal Credit Union is valued and appreciated. While this institution continues to grow and develop, its Board of Directors, management, and staff are committed to maintaining the high standards of service intended at its establishment more than 67 years ago.