Because credit unions are democratic, member-owned
cooperative, members-like you - have the power to direct credit union
policy. Each year, the credit union holds an annual election and
meeting, where members select candidates for the Board of Directors,
from among their peers, to represent them in setting the policies of
the credit union. Credit union elections are based on a one-member,
one-vote structure. This structure is unlike the for-profit, public
companies where stockholders vote according to the number of shares of
stock they own.
Besides the member-ownership advantage, the
not-for-profit status of credit unions enables them to operate at a
lower cost than many for-profit institutions, and helps them to offer
competitive loan and savings rates to you, the member.