How we got started?

As an independent, cooperative financial institution owned by and oriented toward its members, the mission of CPCU, Cambridge Portuguese Credit Union, is to:

For our members, the credit union represents opportunity. The opportunity to do business in a familiar environment, to become better educated about financial matters, to obtain favorable terms on credit union services and to improve their financial status.

Our ambition is to reflect the character of our community and our members by laboring hard to excel at what we do and by taking great pride in our accomplishments and the accomplishments of our members. Our commitment to member satisfaction will be further demonstrated through the efficient, reliable, confidential service and the professionalism, competency and pride of our people. Our pricing policy will enable us to provide these values to our members at competitive affordable prices, while ensuring that we sustain adequate profitability, financial stability and viability for the future.

What is a credit union?

A Little History The credit union idea was born in 1849 when the mayor of a small village in Germany wanted to help his people recover from the physical and financial devastation caused by the Napoleonic wars. His plan was for people to pool their small, but regular savings for the purpose of giving out low interest loans. His plan worked well and the idea quickly caught on and spread across Europe. The United States saw its first credit union established in Manchester, New Hampshire in 1909. Today, there are over 17,000 federal credit unions and growing rapidly. The popularity of credit unions is due to many contributing factors, but the primary one is the quality of service they provide to members.

Unlike other financial institutions, credit unions are owned and run by its members. Members make up a board of directors, who manage and elect the officers to handle the business and operation of the credit union. Members make up a credit committee which decides on loans that are made. Additionally, members make up a supervisory committee which makes sure a credit union is run correctly.

Are you getting the idea that it's the members who make a credit union special? That's absolutely right! Members are joined together by a common bond to look out for the best interest and services of its' own membership. There are no outside stockholders - all net earnings after expenses are paid out to members in dividends.

Absolutely! Federally-Insured credit unions are chartered under the terms of the Federal Credit Union Act and supervised by the National Credit Union Administration (NCUA). Each member's savings are insured to the full legal limit of $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Moreover, CPCU account balances in excess of $250,000 are also insured through MSIC, the Massachusetts Credit Union Share Insurance Corporation.

For many people, YES. We offer a full line of deposit services - savings accounts, share draft accounts, money market rate accounts, IRA's, etc.

We also offer many types of loans - cars, boats, home improvements and more. Plus, you'll appreciate our low loan rates!

CPCU has three main functions:

• Help you save regularly,
• Lend money at fair interest rates,
• Advise you on how to use money wisely,

Why not visit one of our Member Service Representatives today and see if CPCU isn't the answer to your financial needs? If you have further questions and or suggestions, please use our Secure Contact Form or email info@cpcu.org, we are ready to help.