Because they give back their profits to members, credit unions manage to offer loans at lower interest rates, services with smaller fees, and higher rates of interest on savings and investment accounts. We want to help our members, rather than improve the position of a handful of stock holders. Credit unions in the state have 466,916 members. Still, that represents only 10 percent of the market share among all financial institutions in New Mexico. They are insured by the National Credit Union Share Insurance Fund, which was created by the U.S. Congress in 1970.
Credit unions have a structure that differs from banks.
At a credit union, anyone 18 or older who is a member may stand in the annual election to the board of directors. Every member has one vote, no matter how large or small his or her holdings in the credit union. We're there for the people. We don't offer big business loans. That's one of the biggest differences between credit unions and banks, for which commercial lending is their bread and butter.