What is a credit union?
Credit Unions are nonprofit cooperatives formed, owned and operated for a single purpose – to help members help one another financially. Credit unions were born of hard times and come into being for a very simple reason – the ordinary individual had almost no chance of securing a loan for any purpose, except at prohibitive rates that tended to worsen rather than help the financial situation of the borrower.
History of Cherokee Strip Credit Union:
In October 1933 a small group of Conoco employees organized the Conoco Employees (PC) Credit Union. It was the second credit union to be established in the state of Oklahoma and remained Conoco Employees (PC) Credit Union until July 1994, when the name was changed to Cherokee Strip Credit Union (CSCU).
The members of CSCU, through their Share (Savings) Accounts, provided capital to the credit union. From this capital, loans are made to members and conservative investments are made with the balance. After expenses are paid and legal reserves are set aside, the remaining income is returned to members in the form of higher dividends on their Share (Savings) Accounts, lower loan rates and lower fees.
How a credit union operates:
CSCU belongs to your as a member. No outside organization has any part in the ownership or direction of your credit union. Each member has an equal vote (regardless of account balance) that may be exercised at the annual meeting, where the board of directors and credit committee members are elected.
The credit committee has responsibility for the lending function.
All board members and committee members, in their capacity as representatives of the total membership, serve voluntarily and without compensation.
The credit union is under the supervision of the State Banking Commission, which also performs a comprehensive audit. CSCU is also audited periodically by the NCUA, the government-regulated body that insures the members’ deposits to at least $250,000.
The management and professional staff are employed by the board of directors for the purpose of administering day-to-day operations of the Cherokee Strip Credit Union.