Credit unions a vital part of Iowa’s financial ecosystem
Monte Berg, CEO of Veridian Credit Union
Since 1925, credit unions have been a valued alternative for Iowans in the financial services marketplace. As credit union leaders, we feel fortunate our employees will never have to worry about a conflict between serving our members and meeting the needs of our owners. They are the same people.
Unlike banks that return profits to a select group of shareholders, credit unions are not-for-profit financial cooperatives, returning earnings to members in the form of better rates on loans and lower fees. This cooperative structure remains intact regardless of credit union size, and it helped more than 1 million Iowa credit union members save approximately $100 million last year compared to what they would have paid for similar services at a for-profit bank. Each member-owner also has one vote in board elections, giving them the opportunity to elect the volunteers who establish the future direction for their credit union.
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