Credit Unions: Overview
The Financial Institutions Division is responsible for supervision and regulation of credit unions organized under the Credit Union Act §58-11-1 NMSA 1978. Credit unions are cooperative, nonprofit, financial institutions organized under, or subject to, the Credit Union Act for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition.
The Financial Institutions Division does not regulate federal credit unions. They are regulated by the National Credit Union Administration (NCUA) and New Mexico is under NCUA Region 5. See the Links section on the left for contact information.
As of January 1, 2013, there are 23 credit unions under the authority of the Financial Institutions Division.