Credit unions can only provide services to their members and they are legally restricted as to whom they can offer services by their bond of membership. Changing economic conditions and regulatory interpretations have led to broadening fields of membership and this has created a widening role for credit unions in providing financial services.
Credit unions are mutual organizations.
They are governed by their members and voting is on the basis of one person, one vote regardless of how much a member has deposited with the credit union. Credit union members are the consumers of its services, its owners, and may, through volunteer labor, constitute part of its workforce. The board of directors is elected from the membership and directors are unpaid. Credit unions view themselves as organized to meet the needs of their members. Credit union culture is one of co-operative behavior.