National Credit Union Administration: Earlier Actions Are Needed to Better Address Troubled Credit Unions

Credit unions are tax-exempt, cooperative financial institutions run by member-elected, primarily volunteer boards. To build capital, credit unions do not issue stock; they are not-for-profit entities that build capital by retained earnings. Their tax-exempt status and cooperative, not-for- profit structure separate credit unions from other depository institutions. Like banks and thrifts, credit unions are either federally or state chartered.