Alphonse Desjardins founded the first credit union in the United States in 1909. Today, there are approximately 12,000 credit unions serving more than 72 million credit union members. Every member of a credit union is also an owner. Each member has one vote in electing the volunteer board of directors. Volunteers that are elected by the credit union membership lead credit unions.
Board members serve without compensation.
They are responsible for running the credit union in the best interest of the members. Because they are not profit driven, credit unions are able to offer better rates, lower fees and better service than for-profit banks. Like banks, credit unions are strictly regulated.