What is a Credit Union?

A Credit Union is a savings and loans co-operative owned mutually (one owner-member one vote) by its owner-members and no other party.

Credit unions in different forms are an integral part of the Financial Services industry throughout the developed and developing world; not as common in Great Britain but becoming more so, established in the workplace, communities and combinations of both. With many misconceptions about the purpose, legal and regulatory structures and management of a credit union, here are some answers to frequently asked questions.