USA location Credit union Illinois South Holland

The main benefit of credit unions is the transparency accountability governance for shareholders. Until the mid XX century credit unions in the United States had little assets that do not exceed as a rule 100 thousand dollars. U.S. credit unions can be chartered by either the federal government ("federal credit unions") or by a state. 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 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. As of October 2011 the largest American credit union was Navy Federal Credit Union serving U.S. Department of Defense employees contractors and families of servicepeople with over $45 billion USD in assets and over 3.4 million members.