Information on Credit Unions

Credit unions are an alternative to conventional banking institutions. Many credit union members receive all of their financial services from their credit unions.

The Facts

According the the Credit Union National Association (CUNA), 92 million consumers are member-owners of nearly 8,200 credit unions in the United States.

Significance

Credit unions are member owned and controlled institutions that base themselves on the principle of "people helping people."

Types

Credit unions are nonprofit financial cooperatives whose members share a common grouping like association membership or employment, or who live in a particular geographic area.

Structure

Volunteers play an important role in credit unions. According to CUNA, as of 2009 nearly 97,000 Americans volunteer for their credit unions, "serving as board members, committee members, or providing other assistance." In credit unions, only democratically elected members may serve on the board of directors.

Considerations

Most credit unions focus on consumer loans and don't often get involved in residential real estate loans.

References

• CUNA

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