About Credit Unions

What is a Credit Union?
A credit union is a cooperative, not-for-profit, financial institution, owned and operated by its members to meet their financial needs. A credit union serves members who share a common bond, such as location/community, education, social interest, employment, or religion. A credit union does three things:

• Encourages and helps members save regularly to achieve their financial goals
• Lets members borrow funds at fair rates
• Helps members use their money wisely by providing financial services and education at low or no cost

How Does A Credit Union Operate?
A credit union is owned and operated by its members, with everyone in a defined field of membership being eligible to become a member. The members elect a volunteer Board of Directors from their membership to provide strategic guidance and work with the credit union's management team to achieve the goals of the organization. A Supervisory Committee is also made up of members to audit financial operations and ensure safety of members' funds.

Who Regulates Credit Unions?
The National Credit Union Administration (NCUA) regulates all credit unions. And in the case of state chartered credit unions, the Department of Financial Institutions also plays an important regulatory role. USE is a federally insured, state chartered credit union. Under the authority of the Federal Credit Union Act, the NCUA prescribes rules and regulations for the organization and operation of all federally charted credit unions. The NCUA also provides insurance for all federal credit union accounts.