This cooperative approach helped farmers avoid paying the high rates being charged by loan sharks. Today, credit unions continue to offer low-cost financial services that allow members to be good consumers by getting the best service and value. Credit union members are part-owners of their financial institutions, also referred to as financial cooperatives. Each member has one vote regardless of their account size. Since credit unions are democratically controlled, members may run for election to the volunteer board of directors having direct input on credit union operations.
Credit unions consist of member groups that share common bonds.
Credit unions in the United States have common bonds based mostly on occupations, government service, associations, churches or service providers. In Pennsylvania, most credit union common bonds are based on occupation. Nationally, there are almost 11,000 credit unions with over 73 million members. In addition, there are 50 state credit union leagues and leagues for the District of Columbia and Puerto Rico. The credit union movement is growing throughout the world, including in third-world countries and Europe where people need assistance with setting up consumer finance systems.