The Division and ASI coordinate their examination schedules so that the one entity may accompany the other at the examination. ASI prepares its own examination report for the credit union. Differences Between Credit Unions and Other Financial Institutions Credit unions, as discussed above, are not open to the public. They are restricted to servicing only those from the credit union s field of membership, who obtain a membership share. With the purchase of one share, a member is given one vote.
Credit unions have non-profit tax status.
In 1937, Congress exempted federal credit unions from federal and state income taxes because of the credit union structure. Member services are very similar to those provided by other financial institutions, but there are a few nuances. Many credit unions are small in size and offer very basic services. Loans to members are credit unions major investment. These loans are consumer type loans, primarily home equity, automobile, and residential real estate loans.