They are far different from banks because they are democratically owned and operated and primarily engaged in consumer loans. The ruling sent shockwaves through the credit union industry because it overturned a policy that the credit unions have been following since 1982 to help them expand. The House passed its version of the bill in March of last year and the legislation will now be sent to the President for his signature. For most people, without their credit union, they would not have been able to afford to buy a home or obtain a loan to start-up a small business.
Credit unions play a valuable role in the lives of many individuals seeking alternatives to banks.