A credit union is a member-owned, member controlled financial institution serving a wide range of financial needs. Members are eligible for membership through a common bond such as employee group or a specific community. Often fields of membership extend to family relations of members. Additionally, most credit unions today have "once a member, always a member" clause in their bylaws that enable retirees or members who change jobs from the original sponsoring group to retain the privileges of membership.

A Board of Directors, democratically elected from the membership, serves as the governing body in a voluntary capacity for the credit union. Some credit unions have special committees, such as credit or loan committees and supervisory committees, who are also volunteers, either elected by the membership or appointed by the board, to serve special needs of the operation of the credit union.

Normally most credit unions are not in competetion for business of other credit union members; therefore, leaving a unique opportunity for networking on education and bonding for legislative issues that other financial institutions do not have.