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Truliant Federal Credit Union

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Truliant Federal Credit Union
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Truliant Federal Credit Union is a nonprofit financial institution based in Winston-Salem, North Carolina.[3] Chartered in 1952, the credit union provides financial guidance and services to members in North Carolina, South Carolina and Virginia.[1] As of December 2024, Truliant has 340,656 members and $5.2 billion in assets.[2]

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History

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In 1952, Truliant Federal Credit Union was chartered as the Radio Shops Credit Union to serve employees of Western Electric in Winston-Salem, Greensboro, and Burlington.[1][4] It was renamed North Carolina Works Federal Credit Union, then AT&T Family Federal Credit Union in 1983 with the goal of servicing employees of the telecommunications company.[1][5]

AT&T Family Federal Credit Union expanded its services beginning in 1987 to include employee groups at Krispy Kreme, Polo Ralph Lauren and other companies.[1] The American Bankers Association and five commercial banks sued AT&T Family Federal Credit Union in 1990 for expanding its membership to 150 employee groups nationwide,[6] claiming the expansion violated the 1934 Federal Credit Union Act, which states members of a credit union must have a “common bond.”[7] The U.S. Court of Appeals agreed, ruling against AT&T Family Credit Union in October 1996.[6] The National Credit Union Administration appealed the ruling; it then went to the Supreme Court, which voted 5 to 4 against AT&T Family Credit Union and other regional credit unions, saying it violated the 1934 law.[8] But President Bill Clinton signed a law in 1998 allowing AT&T Family Credit Union and all other credit unions to provide service to multiple groups.[9]

In 1999, the credit union changed its name to Truliant.[4] Truliant merged with Victory Masonic Credit Union, a historically African-American credit union in North Carolina, in 2004.[10]

Todd Hall was named president and CEO of Truliant in January 2020.[4]

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References

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