LAS VEGAS — By an overwhelming voice vote here during its annual meeting last Friday Nov. 16th, members of the National Association of Realtors approved the formation of REALTORS Federal Credit Union to serve realtors, the staff of realtor organizations and their families. The NAR board approved a $10 million grant as seed money to start the CU, with another $5 million supplemental grant available anytime in the next five years if needed.

The NAR had been researching the chartering of a credit union for 20 months and two separate task forces conducted extensive survey research. NAR members were surveyed via mail, phone and the Internet. NAR member agents and brokers, Association Executives and MLSs and nonmember real estate licensees were included in the surveys to test interest in joining a credit union. In all cases, interest and enthusiasm was very high.

The task force members have met with NCUA officials and members of Congress, said a NAR spokesman. The charter application will now be completed and submitted in the first quarter of 2008. Plans call for REALTORS FCU to begin serving the 1.36 million members of the NAR in the fall of 2008, mainly through the Internet.