Founding
The Houston Formosan Club(HFC) was formed in July, 1970. From 1970 to 1974, membership grew from an initial 70 families to more than 150. The concept of a credit union with a common bond of HFC membership was fully explored and discussed. At the HFC annual meeting in February 1975, the majority of members voted to establish the Texas Formosan Federal Credit Union (TFFCU), which will also serve members of the Formosan clubs in Dallas, Austin, College Station and other cities in Texas. The application was successfully filed in early March of 1975, and was approved on April 30. A Taiwanese financial institution, similar to a community bank, was open for business on June 14, 1975. TFFCU is the first credit union operated by a Taiwanese community in America. TFFCU was renamed to Taiwanese American FCU(TAFCU) on June 1, 1997.

Missions

• To put the idea of people-helping-people into action
• To offer a higher interest rate on saving deposits.
• To provide members easy access to loans at lower rates
• To donate funds to support community activities

Membership Requirement
Any member of the following organizations is eligible to apply for membership:

• Taiwanese Association of America, local Texas Chapter
• Formosan Presbyterian Church in Greater Houston
• Taiwanese American Citizen League, Houston Chapter
• Houston Formosan Evergreen Association

Business Operation
The Board of Directors, the Credit Committee, and the Supervisory Committee are responsible for the overall operation. The Board of Directors conducts a regular monthly meeting to discuss business, to set policies, and to decide dividends and loan interest rates. The TAFCU holds the annual meeting in June every year, and members elect officers for a 2-year term.
Presently one manager and three full-time employees carry out the daily operation of the credit union.

NCUA Insurance
In addition to the internal supervision by the Board of Directors, the credit union is also overseen and audited yearly by the National Credit Union Administration (NCUA). NCUA is a federal government agency who regulates and audits the credit unions. The deposit of each account in a credit union is insured up to $250,000 by the NCUA.

Houston Taiwanese Proud
The success of the TAFCU is mainly due to the commitment of all elected officers, the full support from members, and the professional dedication by employees. The business has increased tremendously since the TAFCU moved its office to the Taiwanese Community Center (TCC) in February 1992. TAFCU is the best credit union to provide service to the Taiwanese American community in the USA.

A Cornerstone in the Community
In addition to serving its members, the TAFCU donates funds to support community activities. Of most importance, the TAFCU is a major contributor to the TCC by paying a significant amount of rent. Today the TAFCU is a cornerstone of the Taiwanese community in Houston.