Congress exempts credit unions from federal income taxes. Credit unions are economic democracy. At a credit union, every customer is both a member and an owner. Volunteer Boards . Each credit union is governed by a board of directors, elected by and from the credit union's membership.
Board members serve voluntarily.
Membership Eligibility . By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union. Financial Education for Members . Credit unions assist members to become better- educated consumers of financial services.