CBS Sunday Morning highlights credit unions and America’s Credit Union Museum
On March 24, people viewing CBS Sunday Morning learned about a small credit union in Nebraska that serves the members of a single family. And in the same segment they learned about an enormous nationwide credit union movement when they spoke to Peggy Powell, executive director of America's Credit Union Museum in Manchester, NH.
The $515,543 asset credit union, run out of the home of the credit union's manager, Sue Cain, has 511 members in 22 states. The credit union is mostly a volunteer enterprise. Cain is a middle school math teacher; Dave Cain, chairman of the board, teaches sixth grade English; and Chief Loan Officer Art Peters works in construction.
As for the credit union difference, it is significant, Peggy Powell told CBS Sunday Morning. "Banks have shareholders, and they have to satisfy their shareholders; credit unions are not-for-profit organizations," Powell said.
"That does not mean that credit unions don't make a profit," she added. "It means their profits are returned to their members."