April 23, 2015
 

Who runs the Credit Union?

Comment October 4, 2013 by Triangle Credit Union 


Every once in a while some inquiring soul, usually out of curiosity asks, “Who runs the Credit Union?”

We wish that more people would ask that. It gives us a chance to take them behind the scenes and show them just how a financial organization built for service alone can be made to work smoothly.

The members of a credit union either decide operating policies themselves, at annual or special meetings, or choose officials who do so. Since the officials are responsible to the members, full power may be said to rest in the members’ hands. Of course, the members can’t get together day by day and actually carry on the work themselves, so they put the job in the hands of an elected management, whose make-up and duties are prescribed in the Federal Law. The Law says that the treasurer is to be the General Manager; that a Board of Directors shall guide the general affairs of the Credit Union, a Credit Committee shall pass on loans, a Supervisory Committee shall keep an eye on all Credit Union business and shall audit the books.

Thus the Credit union is run by the members as well as for members. To every present member, to every employee who has not yet joined, we should like to say individually, “This is your own little finance company. Let’s all get together and make it hum!”

Notes: Employee – Triangle was originally formed as the credit union for office and mill workers of the Nashua Gummed and Paper Company. Today, membership is available to anyone residing in the Hillsborough, Merrimack, Belknap, Rockingham and Cheshire Counties of New Hampshire, as well as the Franklin, Worcester, Middlesex and Essex Counties of Massachusetts.

 

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