Credit Union's: a cautious means of money-management.

As the world knows by now the  'bailout package' of the implosion of the American banking system was  rejected by Congress at its first ballot, some ill-informed Republicans referred to the proposed Bill as being 'Socialist', perhaps they might have said, that they did not agree with with the inclusion of Federal protection being offered to Credit Unions which are to be found world-wide. 

Brief mention was made in reference to Credit Unions by President Bush in his speech after signing the 'bailout policy' into law at its  second attempt at getting a majority vote. But what are Credit Union's, (C.U's.)?

A Credit Union is a financial co-operative. The Credit Union National Association (CUNA) of America  is the national umbrella  of C.U's in America with a membership in excess of 87 million people who have put their money where democratic oversight prevails to make many co-operatives possible.

How are Credit Unions different from other financial institutions? see CUNA: Consumer

In what other significant ways are C.U's different from 'Wall Street' financial institutions?

CUNA:  In this time of accelerating change, it is important to truly understand how credit unions are unique and different, and why we remain a necessary and extremely popular financial alternative... governmental affairs

• Not-for-profit. Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit...
• Taxation. Credit unions do pay taxes - payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes...
• Ownership. Credit unions are economic democracy. Each credit union member has equal ownership and one vote -- regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner...
• Volunteer Boards. Each credit union is governed by a board of directors, elected by and from the credit union's membership. Board members serve voluntarily.
• Membership Eligibility. By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union.
• Financial Education for Members. Credit unions assist members to become better- educated consumers of financial services. Additionally, CUNA is partnering with the National Endowment for Financial Education, a not-for-profit foundation, to expand financial education among high school students...
• Social Purpose: People Helping People. Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means - every member counts. Our members are fiercely loyal for this reason. They know their credit union will be there for them in bad times, as well as good...