By JOE HOLLENBAUGH
Universal Campus Credit Union has received federal approval to expand its membership and has changed its name to Utah Community Credit Union.
President Ronald Eliason announced UCCU’s latest expansion in a letter.
With the latest change, the credit union may now admit anyone that lives, works or attends school in Utah County.
Brad Norton, UCCU vice-president, said of the current UCCU membership of 67,500 people, over 80 percent are directly affiliated with BYU.
The credit union maintains close ties with BYU. Eight out of the nine members of the board of directors are BYU professors. The directors are elected by the members and serve without compensation, Norton said.
Seven BYU faculty members signed the original charter certificate.
In 1977 the credit union moved off campus and changed its name to Universal Campus Credit Union.
Since moving off BYU campus, UCCU has expanded to serve large employers in the area like WordPerfect, Nu-Skin, and Covey. In 1997 it was approved to include Utah Valley State College, Norton said.
Along with two ATMs on BYU campus, UCCU now operates six branches and maintains assets of $270 million. It offers financial services including brokerage, loans, mortgages and financial planning, according to UCCU documents.
With all its growth, its philosophy has not changed. “The members own it. It cannot be taken over by another bank or sold. It belongs to the community,” Norton said.
Steve Olsen, federal program coordinator for BYU Financial Aid, said UCCU is the second-largest provider of student loans to BYU students, funding 22 percent of all loans.
