Credit Unions: What Good Do They Really Do?

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Credit Unions make a huge difference! Credit unions are always owned by their memberships. This member-ownership gives credit unions many advantages. It provides:

  • A way to help people to help themselves. Members participate in their own financial improvement.
  • A structure that places value and service to members as the highest priority. The dignity of each individual person is at the heart of the credit union movement.
  • Motivation to serve people that banks will not serve. Credit unions are free to do this because they are not saddled with the burden of always having to maximize profit.
  • A tool for promoting the common good, not just the good of a small group of investors.
  • A strong deterrence against many forms of corruption because the motive for that corruption (maximizing profit) is eliminated.

Through our works of charity and social justice, we more concretely live out the commandment to love the most poor and vulnerable among us, which, as Jesus taught, translates to love of God. Pope Benedict XVI, Deus Caritas Est, no.15


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