A credit union is a not for profit financial institution that is owned and operated by its members.

• Credit unions operate under a unique philosophy of “people helping people.” They are member-owned and each member has one vote in electing the directors of the credit union. Although other mutual financial institutions are member-owned, voting rights are generally based on the amount on deposit rather than being “one member one vote” as is the case with credit unions.
• Credit unions do not issue capital stock and are only able to build capital through retained earnings. All credit unions are required, by either the Connecticut Department of Banking and/or the National Credit Union Administration, to maintain specific levels of capital for safety and soundness purposes.
• Credit unions are governed by a volunteer, unpaid board of directors who are elected by the members of the credit union.
• All credit unions operate as not-for-profit institutions. All earnings are retained as capital or are returned to the member in the form of lower loan rates, higher rates on savings or to provide products and services.

There is most likely a credit union that you can join right now. There are many ways to be part of a credit union. Each credit union serves a "field of membership" which is made up of people who all share a “common bond.” You may be eligible to join one or more credit unions based on:

• Your employer/workplace
• Your geographic area
• Your place of worship
• An association