STRUCTURE OF A CREDIT UNION

A credit union’s members are actually owners of the non-profit organization. Each member has a vote in elections to select the volunteer board of the directors (Unlike banks, credit unions do not pay their board members.). The board of directors hires the chief executive officer who is responsible for hiring and managing the credit union’s employees. It is the responsibility of the paid staff members to generate profits which are then returned to the members through financial benefits such as lower rates on loans and higher savings rates.

Credit Union Hierarchical Structure (top to bottom)