USA location Credit union Illinois Rockford

U.S. credit unions can be chartered by either the federal government ("federal credit unions") or by a state. 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. The main benefit of credit unions is the transparency accountability governance for shareholders. 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.