In the mid-1800's a credit union as we know it today was organized by a German farmer and was known as the people's bank. The concept quickly spread and today credit unions are part of an international system encompassing 79 countries with 40,259 credit unions serving 118 million members.

The strength of the credit union movement can be directly attributed to the members. Credit unions are cooperative financial institutions, owned and controlled by the people who use and benefit from the products and services. This cooperative nature instills a real sense of belonging to something important. Credit unions serve groups that share common elements of their lives, such as where they work, live, study, or worship.

The philosophy of all credit unions is people helping people. Each member is an equal owner, regardless of how much money he or she has invested with the credit union. As owners, members help each other meet their financial goals by providing a safe, convenient place for members to save money, get loans at reasonable rates, and receive honest, factual information to help them make better life decisions.

Credit unions throughout the world help people improve their lives. Nationally, credit unions share their knowledge on issues of regulation, operations and financial services to provide the best practices and products in the financial services industry. Around the globe, credit union staff, volunteers and members work together to create opportunities of growth and stability for millions of members.

Credit unions provide seminars and education to their members, helping them become better, smarter consumers. They understand the Circle of Prosperity. If the members are successful in their life endeavors, the credit union will also become a success in providing them essential products and services.

Credit unions also understand the value of community. As a cooperative community, the credit union is governed by a volunteer Board of Directors. The responsibility of these volunteers is to ensure the credit union is financially sound and provides the necessary balance between the financial needs of the business and the needs of the membership.

Support the Credit Union Movement by getting involved. Learn more about Governmental Affairs and how they affect Credit Unions.