A credit union is a cooperative financial institution that is privately owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union.
The Credit Union’s history is the foundation of the Scottish League of Credit Unions philosophy: that everyone deserves an opportunity to achieve financial well-being, that working together, cooperatively, works for the good of all and that giving back to communities is a key rationale for profitable operations.
The international credit union system is comprised of 91 countries, 43,000 credit unions and 136 million members with US$676 billion in assets. As a member in