USA location Credit union Illinois Metamora

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. Credit Union - a nonprofit financial institution that specializes in mutual financial assistance through the provision of savings and credit services to members. 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. The main benefit of credit unions is the transparency accountability governance for shareholders. 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. Modern credit union history dates to 1852 when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects one in Eilenburg and the other in Delitzsch in Germany into what are generally recognized as the first credit unions in the world.