Central 1 Credit Union

Credit Union System

Credit Union System

Credit unions are co-operative financial organizations -- much like banks in their physical appearance, services and operations. There are, however, major differences. Credit unions are owned by their members (customers). Any member has the opportunity to participate in the development of operating policies by serving as a credit union director or as a member of a credit union committee.

Each credit union is autonomous, operated by management appointed by its Board of Directors. The directors are elected by credit union members.

A key principle in the operation of a credit union is that each member, regardless of financial involvement, is entitled to an equal say in electing directors. This co-operative principle ensures that credit unions remain accountable to their members.

Credit unions are locally-based and locally-owned; they play a key role in fostering community development and local socio-economic well-being.

In order of importance, the credit union system consists of the following elements:

  1. Individual members who own the credit union. In other financial institutions, these are "customers."
  2. Individual, autonomous credit unions, which, through their branches and online technology, provide financial and other services to their members.
  3. Provincial credit union centrals, which are owned collectively by the individual credit unions within a province. They provide financial, trade association and other services to their member credit unions.
  4. The national credit union central facility, Credit Union Central of Canada, which is owned collectively by the provincial centrals. It provides trade association and other services to the provincial organizations.
  5. Other affiliated organizations that complement and support the system.