A credit union is a nonprofit financial institution organized to provide checking and savings accounts, loans and other financial services to its members. It is both owned and controlled by its members, with each member having an equal vote and the opportunity to serve on the board of directors.
Credit unions are either state or federally chartered.
State-chartered unions are supervised by a state regulatory agency. Those with federal charters are supervised by the National Credit Union Administration. The Anoka Hennepin Credit Union is a State chartered credit union. It was originally chartered as the Anoka Hennepin School District Credit Union in 1963. In 1988 the Federal-Hoffman Credit Union merged with the Anoka Hennepin School District Credit Union.