The prime function of the credit union is to serve its members. Credit unions focus on the needs of all their members instead of a limited number of stockholders. A. Credit unions give a competitive edge to the marketplace by offering favorable rates and affordable services. In turn, they create benefits to consumers of all financial institutions. Most importantly, you have the ability to choose where you conduct your banking.
Credit unions focus on their members and give more personalized service.
Typically, credit unions return their profits to the members by giving higher savings rates, lower loan rates and additional services. No member of a federally insured credit union has ever lost any money. The State's Division of Financial Institutions regulates state-chartered credit unions. Credit Unions are subject to much of the same consumer regulations as other financial institutions. In some cases, such as investments and mortgage business lending, credit unions must adhere to more strict regulations.