What is a credit union?
A credit union is a not-for-profit profit financial cooperative. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and establishes and revises policies, sets dividend and loan rates, and directs certain operations. OHecu has adhered to the philosophy of ‘People helping People’ and supports the seven cooperative principles These principles are an integral part of OHecu. We maintain these principles in all aspects of our business initiatives.
- Credit Unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership. The board of directors consists of unpaid volunteers elected by the membership.
Democratic Member Control
- Credit Unions are democratic organizations owned and controlled by its members, one member one vote, with equal opportunity for participation.
Members’ Economic Participation
- Members are the owners; they contribute to, and democratically control, the capital of Credit Unions. This benefits members in proportion to their transactions with Credit Unions rather than on their capital invested.
Autonomy and Independence
- Credit Unions are autonomous, self-help organizations controlled by its membership.
Education, Training and Information
- Credit Unions provide education and training to members so they’ll benefit from, and contribute effectively to, the development of credit unions.
Cooperation Among Cooperatives
- Credit Unions serve their members most effectively and strengthen the credit union’s cooperative movement by working together with other credit unions directly through local, state, regional, and national structures.
Concern for Community
- Credit Unions focus on more than just members’ needs, they also work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.