NEFirst Credit Union Loans

Credit UnionA Credit Union is a “not for profit” financial organisation that provides savings and loans accounts for its members.

In many ways a Credit Union is just like any other bank, we are regulated by the Bank of England, through the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and members’ savings are protected by the Financial Services Compensation Scheme.

The big difference between a Credit Union and a bank is that a Credit Union is owned and run by its members. A Credit Union does not make huge profits or reward its directors with enormous salaries.

The members of a Credit Union elect a Board of Directors, who are all unpaid volunteers, at the Annual General Meeting every year. As every member jointly owns the Credit Union all members can attend the annual meeting and vote in the election of the board.

 

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