In reality, Credit Unions as non-profit institutions isn’t entirely accurate, as different jurisdictions place different requirements upon them.
The main definer of a Credit Union (regardless of the terminology that is applied to them by the various jurisdictions in which they operate) is the concept of client-ownership. Without fail, account holders at Credit Unions are also the owners of the institution, and elect the Credit Union’s Board of Directors based on a one-person-one-vote system, regardless of the amount of capital invested in their various accounts.
Credit Unions operate in direct competition with other financial institutions, and find themselves governed by many of the same regulations and agencies. Offering personal accounts, business accounts, investment instruments, mortgages and other loan products, Credit Unions provide nearly identical products as traditional finance companies while providing its account holders with a sense of control not present when part of the larger entities.
In our Credit Unions Category, you will find reports that highlight marketing strategies, sales and membership levels for Credit Unions, as well as data regarding regions, regulations and projections on future data.