What is a Credit Union?

  • A credit union is a not-for-profit, member-owned, financial cooperative, wholly owned and controlled by the people who belong, also known as "Members".
     
  • Credit unions serve groups of people who share a common bond, such as where they live or work. 
     
  • Credit unions are closely regulated by the National Credit Union Administration (NCUA) - a federal government agency that insures member deposits and regulates the operation of the credit union.
         
  • Credit unions are operated under the guidance of the board of directors made up of volunteers.
     
  • Credit unions provide a safe, convenient place for members to save money and to get loans at reasonable rates.
         
  • Credit unions offer a wide variety of financial products and services.
     
  • A credit union's members are the owners of the credit union and they elect the board of directors at the annual meeting in a democratic one-person-one-vote system.