Novo Federal Credit Union

What Novo Federal Credit Union does

Novo Federal Credit Union is a federally chartered, member-owned cooperative credit union headquartered at 2191 5th Street, Suite 202, Norco, California. Founded in 1963 as CRC Federal Credit Union with $750 in opening-day assets, it now serves over 2,300 members and holds assets over $20 million, as stated in its company materials. Its field of membership is restricted by NCUA charter to employees of specific California Department of Corrections and Rehabilitation facilities, including California Rehabilitation Center, California Institution for Women, California Institution for Men, California Patton State Hospital, and Division of Adult Parole Operations Region IV, with additional eligibility for retirees and immediate family members.

The credit union offers a traditional retail banking product set: Novo Checking, Retirement Checking, and a Debit Mastercard for transactional banking; Share Savings, Youth Savings, Share Certificates, and Christmas Club Savings for deposits; and a loan portfolio spanning new and used auto loans (terms up to 84 months at rates starting at 3.99% APR), signature loans, FAST short-term loans, Gear/Uniform/Supply loans, share/certificate-secured loans, relocation loans, and mortgage products brokered through Right Choice Mortgage. Insurance products (Credit Life, Credit Disability, GAP PLUS Protection, Mechanical Repair Coverage, and Life/AD&D) are distributed through CUNA Mutual. Technology delivery runs on OMNICOMMANDER core, with native mobile apps for iOS and Android, an online Home Banking portal, Novo Pay for bill payment and P2P transfers, Apple Pay and Google Pay wallet integration, and surcharge-free access through the CO-OP ATM network.

The business model is a standard community credit union net-interest-spread operation, earning the difference between loan yields (3.99% to 18% APR depending on product) and deposit/share dividends (0.05% APY on regular savings, 2.50% APY on 12-month CDs), supplemented by transactional fees (monthly checking fee of $6 waived with eStatements, $35 overdraft/NSF fees, wire and stop-payment fees, $20 FAST loan application fee) and a competitive advantage from ASI excess share insurance bringing total coverage to $1 million. Distribution is omnichannel but limited: a single physical branch open Monday-Friday 10am-5pm, plus digital self-service and partner channels, with no documented outside employment base beyond the Inland Empire CDCR community.

Name

Novo Federal Credit Union

Legal name

Novo Federal Credit Union

Website

https://novocu.org

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

1–10 employees

Short description

Novo Federal Credit Union is a federally chartered, member-owned cooperative in Norco, California serving roughly 2,300 employees of California Department of Corrections and Rehabilitation facilities across the Inland Empire, offering checking, savings, CDs, auto and personal loans, mortgages via partners, and CUNA Mutual insurance products through a single branch plus digital channels.

Ownership category

akta.pro rank

Product category

Credit Union Services

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Employer/Occupational Credit Unions (FSABAEAB)

akta.pro secondary industries

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA), Public Sector & Municipal Credit Unions (FSABAEAK)

Keywords

• Retail banking services
• Consumer lending
• Membership banking
• Deposit accounts
• Credit union services

Headquarters

HQ city

Norco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Loans: The primary revenue source is interest earned on various loan products including auto loans, personal loans, signature loans, FAST loans, GUS loans, share secured loans, and mortgage loans. Rates range from 3.99% APR for new auto loans to 18% APR for FAST loans.
2. Fee Income: Monthly checking fee of $6.00 (free with eStatements), inactive/dormant account fee of $5.00 per quarter, overdraft and NSF fees of $35.00, wire transfer fees, stop payment fees, and various loan-related fees including $20 FAST loan application fee and $35 skip payment fee.
3. Certificate of Deposit and Savings Interest Spread: Credit union pays dividend rates on savings (0.05% APY) and CDs (up to 2.50% APY on 12-month CD) while earning higher rates on loans, generating spread income.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Novo Federal Credit Union is a member-owned cooperative financial institution offering consumer banking products and services, including checking and savings accounts, loans, and insurance, primarily to correctional institution employees in California. Originally founded in 1963 as CRC Federal Credit Union, it operates with a small membership base of approximately 2,300 members and over $20 million in assets, delivering personalized community-based banking alongside digital banking tools.

Product overview

Novo Federal Credit Union offers a comprehensive suite of financial products and services centered on traditional banking and lending. The core offering includes multiple checking account types (Novo Checking, Retirement Checking) with associated Debit Mastercard, backed by digital banking via Mobile App and Home Banking platforms. Savings products span Share Savings, Youth Savings, Share Certificates, and Christmas Club Savings. The loan portfolio encompasses vehicle financing (new and used auto loans up to 84 months), personal unsecured loans, FAST short-term loans, Gear/Uniform/Supply (GUS) loans, share/certificate secured loans, relocation loans, and mortgage products through Right Choice Mortgage partnership. Insurance offerings include Credit Life, Credit Disability, GAP PLUS Protection, Mechanical Repair Coverage, and Life & AD&D insurance through CUNA Mutual. Digital payment integrations include Apple Pay, Google Pay, and Novo Pay. Vehicle purchase tools include AutoSMART and Auto Expert partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts Standard transactional deposit accounts for individual members of the credit union to manage daily finances, deposits, and withdrawals.
• Savings Accounts Interest-bearing deposit accounts designed for individual members to accumulate savings over time with the credit union.
• Consumer Loans Lending products extended to individual members to finance personal borrowing needs.
• Insurance Products Insurance offerings made available to individual members as part of the credit union's financial services portfolio.
• Digital Banking Online and mobile banking service providing individual members remote access to accounts, balances, and basic banking transactions.

Quantifiable outcome

• Auto loan rates as low as 3.99% APR for qualified borrowers
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• CUNA MutualminorGTM or Marketing PartnerInsurance products including Life Insurance and Accidental Death & Dismemberment (AD&D) Insurance are sold through CUNA Mutual Insurance Society. This is a joint marketing partnership where CUNA Mutual provides insurance products to Novo FCU members.
• Right Choice MortgagecoreChannel Partner/ Reseller/ DistributorNovo Credit Union has partnered with Right Choice Mortgage to offer mortgage products including first-time buyer loans, construction loans, self-employed loans, and various unique mortgage solutions. Sergio can be reached at 833-554-2492.
• American Share Insurance Corporation (ASI)coreOthersASI provides excess deposit insurance coverage up to an additional $750,000 beyond the standard $250,000 NCUA coverage, bringing total coverage to $1,000,000. ASI is a credit union-owned private deposit insurer headquartered in Dublin, Ohio, founded in 1974. The credit union must submit quarterly financial statements and account listings to maintain coverage.
• Auto ExpertminorChannel Partner/ Reseller/ DistributorConcierge vehicle shopping service that helps members find the right vehicle and delivers it to the Credit Union. Accessible through autoexpertonline.com/novo/.
• Catalyst Corporate Credit UnioncoreTechnology or IntegrationWire transfer receiving institution for Novo FCU. Located at 6801 Parkwood Boulevard, Plano, TX 75024 with routing number 311990511. Used for processing incoming wire transfers for member accounts.

Scale indicators3 records

Recent moves6 records

Expansion highlights3 records

Emerging players

• Alliant Credit Union: Digital-first credit union with broad national membership; not employer-restricted but uses online onboarding and competitive deposit rates to capture members who might otherwise join smaller employer CUs.
• Connexus Credit Union: Online-led credit union with competitive deposit, CD, and lending products accessible nationwide, representing the digital-first competitive alternative for members who shop for rates beyond their occupational credit union.

Direct peers

• Digital Federal Credit Union (DCU): Massachusetts-chartered federal credit union with employer and association-based membership fields, offering the same combination of full-service banking, share and CD products, and digital self-service as Novo FCU.
• California Credit Union: California-based credit union historically focused on state agency employees, with a comparable employer/occupational field-of-membership model and similar full-service depository and lending offerings to public-sector workers.
• First Technology Federal Credit Union: Employer-based federal credit union with a defined occupational field of membership and similar full-service banking, lending, and digital channels, offering a like-for-like comparison on member-acquisition model.
• SchoolsFirst Federal Credit Union: California-based federal credit union organized around a defined employer-based membership (school employees), making it a structurally comparable occupational/employer FCU with similar member-ownership model, regulatory moat, and California geographic footprint.
• BCU (Baxter Credit Union): Employer-based credit union serving specific employee groups with depository accounts, auto loans, mortgages, and digital banking — structurally similar to Novo FCU's employer-restricted field of membership.

Broad incumbents

• Golden 1 Credit Union: One of California's largest credit unions with statewide retail and digital banking, deposit, lending, and insurance products — a broader incumbent competing with Novo FCU for California-based consumers and correctional employee households.
• Patelco Credit Union: California-based credit union with broad consumer membership, full product suite (checking, savings, auto, mortgage, HELOC), and digital banking — a comparable incumbent competing for the same retail deposit and lending relationships.
• Kinecta Federal Credit Union: Large California-based federal credit union offering broad-field retail banking and lending to consumers and businesses; not employer-restricted but competes for the same California member pool across many of the same product categories.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/NOVO-Federal-Credit-Union-663842533647844
• LinkedInlinkedin.com/company/novo-federal-credit-union

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novo Federal Credit Union