Credit unions do not exist for profit, but for service. The movement is based in voluntarism, as directors and committee members do not receive compensation or salaries. The purposes, for which credit unions are organized, are to promote thrift among their members and establish on a cooperative basis, facilities for savings, credit for provident purposes, assistance to members, and all incidental activities. Credit unions execute articles of incorporation and code of regulations or bylaws for the governance of their operations. Credit unions are limited to servicing only those within their field of membership and are required to obtain share guarantee insurance.
Credit unions have the option of a state or federal charter.
In Ohio, state-chartered credit unions may have federal share insurance or private share insurance. The Division also has the responsibility of regulating credit union service organizations and credit union share guaranty corporations. The NCUA also administers the National Credit Union Share Insurance Fund. The Division makes fee assessments on its state-charters twice a year, in January and July of each year. These supervisory fees are based on a percentage of the gross assets of the credit union as shown by its last December 31 annual financial report.