About Credit Unions
Credit unions are not-for-profit financial cooperatives that focus on the financial well-being of their members – not profits. In fact, credit unions, unlike most other financial institutions, do not issue stock or pay dividends to outside stockholders. This translates to:
- Earnings that are returned to members.
- Higher interest rates on deposits.
- Lower loan rates.
- Lower fees.
The Credit Union National Association (CUNA) estimates that Maine credit unions provided $71,372,877 in direct financial benefits to the state’s 702,309 members in 2018.
How Do I Join a Credit Union?
Visit MaineCreditUnions.org to find or join a credit union.
Credit Union Safety & Soundness
Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent federal agency whose board members are nominated by the President and confirmed by the Senate. Maine’s state-chartered credit unions are regulated by the State of Maine Bureau of Financial Institutions. Credit union shares are insured by the National Credit Union Share Insurance Fund (NCUSIF), which protects member accounts to $250,000. The NCUSIF is funded by credit unions and no taxpayer money is used for the ongoing regulation and oversight of credit unions.