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A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1] Credit unions in the United States may either be chartered by the federal government [2] or a state government. [3] The National Credit Union ...
Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, [1] and they elect their board of directors in a one-person-one-vote system, regardless of the amount they might have invested. [1] Credit unions see themselves as different from mainstream banks, with a mission to be community-oriented and to "serve ...
Due to their small size and limited exposure to mortgage securitizations, credit unions weathered the 2007–2008 financial crisis reasonably well. However, two of the biggest corporate credit unions in the United States (U.S. Central Credit Union and WesCorp) with combined assets of more than $57 billion were taken over by the National Credit Union Administration [9] on March 20, 2009.
Although credit unions offer the same financial products and services as traditional banks, one big difference between credit unions and banks is who insures their money. Even though credit unions ...
United Federal Credit Union (UFCU) is an American federally chartered credit union based in St. Joseph, Michigan. Originally chartered in 1949, UFCU has more than 194,000 Members in all 50 states and the District of Columbia.
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations had to rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial ...
Navy Federal Credit Union (or Navy Federal) is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member (or retail) credit union in the United States, both in asset size and in membership.
Credit union service organizations (CUSOs) are United States corporate entities that are owned by federally insured credit unions and provide services to them. These are often used by credit unions to share common services between several credit unions to create economies of scale. The services are limited by regulation but include administrative, professional, management and technology services.