Credit unions are not-for-profit financial cooperatives that exist to serve their members. The members are the owners of their credit union, and there are no outside stockholders. This cooperative structure is the reason credit unions are exempt from some taxes. Credit union earnings are used to meet members’ needs. Credit unions serve those in their approved fields of membership. In a credit union, the members elect a board of directors to represent them, and all directors are credit union members who volunteer their time to serve on the board.