Our Cooperative Principle: Democratic Member Control

At first glance, a credit union may look like any other financial institution. Behind the scenes, however, things are a little different. That’s because credit unions are cooperatives (also known as co-ops) and one of their cooperative principles is Democratic Member Control. This means, they are owned and controlled by their members and that the Board of Directors and Supervisory Committee members are volunteers – not highly paid stockholders, like at banks. Volunteers act in the best interest of the members. This principle is true for 1st United Credit Union, too. And as a member, you can get involved in the Credit Union as a volunteer. 

The Board of Directors are Credit Union members who are elected by members. Every member has one vote; regardless of the amount on deposit or the types of services used. In conjunction with the chief executive officer and other leadership, the role of the Board of Directors is to set policy, approve budgets and help to set the strategic direction of the Credit Union. They evaluate operations and maintain financial performance standards for the Credit Union. They are also responsible for appointing the Credit Union's chief executive officer, who reports directly to the Board. 

Board Members serve three-year terms and are elected at the annual meeting held every April.

Volunteers for the Supervisory Committee ensure that the Board of Directors and the management of the Credit Union meet required financial reporting objectives and establish practices and procedures sufficient to safeguard members’ assets. Additionally, the Committee is responsible for the annual financial audit from a licensed, independent auditor. 

Supervisory Committee members are elected by the members and serve one year terms. 

If you are a member who has working knowledge of finance, technology, marketing, operations, and more, and are interested in volunteering, we encourage you to get involved. You must be a member in good standing and 18 years of age or older. Nominations may be made in one of two ways:

Watch for deadlines and submission instructions.