Credit unions are the only financial institutions that are democratically owned and controlled, not for profit cooperative and run by volunteer boards of directors elected by the members-owners. Credit unions are the only financial institutions designed to specifically meet the day to day financial needs of individuals. The foundation of credit union philosophy is people helping people. Members join together with each other, in cooperative form and structure, to encourage savings and use collective monies to make loans as well as provide other financial services. Credit unions are organizations of people, not of money.
Members are the heart of the credit union.
They are the reason for the credit union. They are the reason for the credit union s existence. No one person or organization can own a credit union. One person gets only one vote for election and decision-making purposes. Through election of the board of directors at the credit union s annual meeting, the credit union represents economic democracy in action.