WhaT EVEry sPEakEr should knoW aBouT crEdIT unIonsHere are some tips to help you connect with your credit union audience in their own language. By following these guidelines, you’ll increase your own credibility and enhance their understanding of your message.

1Credit unions are not-for-profit financial cooperatives owned and governed by their

members. They’re not “unions” (those are labor or trade organizations), nor are they “credit associations.”

2 Credit unions have members, not “customers” or clients.” Only members can save or borrow

at a credit union. If there’s one thing that will turn off a credit union audience, it’s to refer to their members as “customers.”

3 Every credit union has a defined field of membership or common bond. Only people

within that field of membership can join the credit union, become a member and use its services.

4The credit union’s board of directors is elected by the membership and from the membership.

Each member is allowed one vote. Board members are volunteers and are not compensated for their efforts.

5The social mission of credit unions is to help their members improve their economic lives

through cooperative thrift and the wise use of financial resources. Two defining credit union mottos are “People Helping People” and “Not for profit, not for charity, but for service.”

6Credit unions pass earnings onto their members in the form of better rates on loans

and savings. There aren’t any “stockholders” to take the profits.

7The Iowa Credit Union League (ICUL) is the trade association that represents the

interests of Iowa’s state-and federally-chartered credit unions and their nearly one million members. ICUL provides Iowa credit unions services such as advocacy, regulatory compliance, education, consulting, and more. ICUL invests in affiliate companies that provide a variety of services to credit unions. These companies include: Community Business Lenders, Coopera Consulting, PolicyWorks, The Members Group, and TMG Financial Services.

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