What makes Credit Unions different?
Credit Unions differ from other financial institutions in many important aspects, such as: • Being governed democratically by its members through a Board of Directors elected by the members from within the membership. • Granting equal rights to all members credit unions operate on the principle of one member one vote. • Being part of a well-established co-operative movement, with national and international experience of providing financial services. • Offering individuals control over their finances and encourage self-sufficiency among members • Always putting the interests of members first, rather than the interests of external or third parties. • Being subject to stringent regulation by the Financial Services Authority (FSA) in the same way as banks and building societies. • Having legal limits on the interest rates they can charge on a loan (currently 2%). • Giving local people the opportunity to invest their savings ethically for the economic and social benefit of their community.
