Question 1

What is Mt Taylor Credit Union?

Accepted Answer

Mt Taylor Credit Union is a federally chartered credit union serving the Grants and Milan communities in northwestern New Mexico. With approximately $2.1 million in assets and 259 members, this is a small, community-focused financial cooperative. The credit union takes its name from Mount Taylor, one of the four sacred mountains to the Navajo and a prominent geographic feature in Cibola County.

Mt Taylor Credit Union operates in a region with a rich but complex history, once at the heart of the Grants Uranium Mining District. The area's economy has transitioned over the decades from uranium mining to a more diversified base, and the credit union serves the financial needs of this close-knit community.

Question 2

When was Mt Taylor Credit Union founded?

Accepted Answer

[Information not publicly available]

The credit union operates under Federal Charter 13654 and is regulated by the National Credit Union Administration (NCUA) Region 3. While specific founding details are not readily available, the credit union has been serving the Grants-Milan area for an extended period, maintaining its commitment to local members through various economic transitions.

Question 3

Where is Mt Taylor Credit Union headquartered?

Accepted Answer

Mt Taylor Credit Union maintains its mailing address in Milan, New Mexico, a small community in Cibola County. Milan is located in northwestern New Mexico, approximately 70 miles west of Albuquerque along Interstate 40.

The area surrounding Milan and neighboring Grants was historically known as the "Uranium Capital of the World" during the Cold War era. Today, the region faces ongoing environmental remediation efforts related to its uranium mining legacy.

Question 4

Where does Mt Taylor Credit Union operate?

Accepted Answer

Mt Taylor Credit Union primarily serves the Grants and Milan communities in Cibola County, New Mexico. This region sits at the foot of Mount Taylor, a 11,301-foot volcanic peak that holds cultural and spiritual significance to multiple Indigenous tribes including the Acoma, Laguna, Zuni, Hopi, and Navajo peoples.

As a federal credit union, membership eligibility is defined by specific criteria established in its charter. The credit union serves members who live, work, worship, or attend school within its designated field of membership in the Grants-Milan area.

Question 5

What services does Mt Taylor Credit Union offer?

Accepted Answer

Mt Taylor Credit Union provides core financial services to its members, including share accounts (savings), checking accounts, and various loan products. As a small credit union with $2.1 million in assets, the institution focuses on delivering personalized, member-oriented financial services.

The credit union's loan portfolio totals approximately $1.2 million, representing 58% of assets, with a loan-to-share ratio of 72%. This indicates an active lending operation supporting member needs for personal, auto, and other consumer loans. Members can also access deposit services, with total deposits of approximately $1.7 million.

While specific digital banking capabilities are not extensively documented, members can visit the credit union's website at www.taylorcu.org for information about services and access to their accounts.

Question 6

What makes Mt Taylor Credit Union unique?

Accepted Answer

Mt Taylor Credit Union distinguishes itself through its deep roots in a historically significant region of New Mexico. The credit union serves a community that has experienced dramatic economic shifts, from the boom times of uranium mining to contemporary efforts focused on environmental remediation and economic diversification.

With only 259 members, Mt Taylor Credit Union maintains an intimate, personalized approach to member service. The credit union's low-income designation reflects its commitment to serving members of modest means in a rural area facing economic challenges. This designation allows the credit union to access certain federal programs designed to support underserved communities.

Despite its small size, the credit union demonstrates strong financial fundamentals with a net worth ratio of 18.56% and a return on average assets of 0.96%. The credit union has shown resilience with 5.7% member growth over the past year, even as the broader community faces challenges.

Question 7

What type of financial institution is Mt Taylor Credit Union?

Accepted Answer

Mt Taylor Credit Union is a federal credit union chartered by the National Credit Union Administration under Charter Number 13654. As a federal credit union, it operates under federal regulations and is supervised by NCUA Region 3.

Like all credit unions, Mt Taylor Credit Union is a not-for-profit financial cooperative owned by its members. Each member has an equal vote in credit union governance regardless of their account balance, embodying the democratic principle of "one member, one vote." Deposits are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), providing the same level of protection as FDIC insurance at banks.

The credit union's structure allows it to return profits to members through competitive rates, lower fees, and improved services rather than distributing earnings to outside shareholders.

Mt Taylor Credit Union

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About Mt Taylor Credit Union in the United States