The University of Louisiana Federal Credit Union was federally chartered on September 23, 1958.  The Credit Union was originally charter under the name of Southwestern Louisiana Institution Federal Credit Union.  Then on March 29, 1961, the Credit Union's name changed to University of Southwestern Louisiana Federal Credit Union.  And finally on February 2 ,2000, the Credit Union changed its name to its current name.  The Credit Union went through these two major name changes because the University went through name changes.  The Board of Directors wanted the name of the Credit Union to tie in close with the University's name, being that the University was and still is the Credit Union only SEG group.

In 1958, ten employees of the Southwestern Louisiana Institution decided to form a credit union for the purpose of creating a source of credit for its membership by pooling members' savings to make loans at a low rate of interest.  They also wanted to offer other services which would enahnce their members' economic and social well-being.

Through the years of the Credit Union's existence, the University has always been the only sponsor.  The field of membership follows a common bond that includes the following:

• Employees of the University of Louisiana at Lafayette and its affiliates such as the University Foundation, New Iberia Research Center, University College, and Career Services.
• Undergraduate and Graduates students of the University of Louisiana @ Lafayette
• Official Student Organization of the University of Louisiana @ Lafayette
• Retired employees of the University of Louisiana @ Lafayette
• The immediate families of existing members

When the Credit Union was chartered in 1958, the membership always consisted of the above listed people and the Board of Directors were pleased with the way our membership was growing.  It wasn't until 2001 that the Board of Directors decided to consider taking the students of the University into its field of membership.  There was growth potential because of the number of new students the enroll at the University ever year.  In October of 2002, the Credit Union received approval from NCUA to accept the students into the field of membership.