Japan's authorities told the credit union to suspend its activities and repeated pledges that depositors would be protected. The owners of a credit union are its individual members and it is run for the benefit of its members. Its members pool their savings to provide loans at favourable rates of interest. Credit unions provide loans which are easier to obtain and at rates of interest below those charged by high-street banks. Each member has one vote regardless of the amount of his savings or the size of his loans.
Policy is decided, and officers are elected, at an annual meeting.
The UK credit union movement is small and still largely serving those who are in need, restricted by law from gaining size or offering services which could compete with profit-maximising banks. Credit unions in the UK would like to be allowed to compete with banks by offering banking services such as overdrafts and credit card as well as cheque-book facilities. US credit unions are much more established and much bigger than in UK, offering loans not just to members but also to enterprises. Far less restricted, able to do more, competing more with commercial banks. US credit unions are almost banks on their own accord, apparently regarding themselves as such.