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Normally only a member of a credit union may deposit money with the credit union or borrow money from it. A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union. In the United States as of 2005 credit unions have 86 million members which is 43% of the economically active population. U.S. credit unions are not-for-profit cooperative tax-exempt organizations. In addition to the savings and loan operations credit unions of the U.S. provide some other services in the interests of its members:
1) direct debiting of funds from their accounts as payment for goods and services;
2) The issuance of credit and debit card payment systems of VISA American Express and their own cards but with a limited range of action;
3) advice on financial and tax planning;
4) provision of guarantees for the obligations of a shareholder to third parties; act as agents for insurance contracts. Until the mid XX century credit unions in the United States had little assets that do not exceed as a rule 100 thousand dollars. Credit Union - a nonprofit financial institution that specializes in mutual financial assistance through the provision of savings and credit services to members. Credit Unions often form cooperatives among themselves to provide services to members. A Credit Union Service Organization (CUSO) is generally a for-profit subsidiary of one or more credit unions formed for this purpose