Indiana Credit Union League President John McKenzie appeared on a local news station last weekend to share the credit union difference.
Appearing on WISH-TV, McKenzie explained the concept of not-for-profit financial cooperatives and how they benefit their members and the communities they serve.
“Credit unions provide all the consumer financial services anybody could want,” he said. “Many of them also offer business lending and business services. The primary difference is in the structure and the purpose of the credit union, how they operate. Credit unions are member-owned, not-for-profit cooperatives, so there isn’t a group of stockholders that exists where the organization has to generate profits in order to pay dividends to those stockholders.”