Credit unions are not-for-profit cooperatives that are owned by their members. Eligibility to join a credit union is limited to those persons who fall within a credit union's field of membership. Because there are no stockholders to satisfy, credit unions direct their income back to their members in the form of lower fees, higher rates of return and improved products and services. All credit union members, regardless of the size of their accounts or the amounts they borrow, are entitled to an equal voice in the operation of their credit union. And, credit unions are governed by unpaid, volunteer boards of directors who are elected from and by the membership of the credit union.

Credit union safety and soundness
Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent federal agency whose board members are nominated by the President and confirmed by the Senate. Maine's state-chartered credit unions are regulated by the State of Maine Bureau of Financial Institutions. Credit union shares are insured by the National Credit Union Share Insurance Fund (NCUSIF), which protects member accounts to $100,000. The NCUSIF is funded by credit unions and no taxpayer money is used for the ongoing regulation and oversight of credit unions.