NW Preferred Federal Credit Union is the only financial institution designed to meet the needs of people working in or servicing the licensed insurance industry in the United States. What is a credit union? A credit union is a cooperative financial institution designed to serve groups that share something in common, such as where they work or live. These not-for-profit financial organizations are owned and controlled by the people who use its services — its members. Typically this provides credit union members with a unique financial advantage, since credit union earnings are generally returned to members in the form of lower loan rates and fees, and higher rates on deposits. Credit unions are also managed through a volunteer board of directors and supervisory committee, not stockholders, making credit union membership truly beneficial to its members.