Credit unions enhance the economic well-being of all people, including those of modest means, through a system which is cooperative, member-owned and controlled and not-for-profit, in order to provide a secure financial alternative for all consumers through the products and services available to members.
unions conform to the above principles, and therefore are
not subject to income tax and must have their own unique
regulatory and share insurance system.
unions generate wealth and benefits for their members in
a number of ways, and those members incur tax obligations
as the benefits are distributed in the form of dividends.
unions include service to people of modest means in their
business activities because of the inherent dedication of
not-for-profit, cooperative financial institutions to such
service, the traditions and values of credit unions, and
the commitment of boards of directors to credit union values.