A credit union is a not-for-profit financial cooperative, owned by its members, governed by a volunteer board of directors elected by the membership, and staffed by financial service professionals. Members pool their savings, make loans to each other, and have access to other financial services. Excess earnings that are not used to strengthen the credit union capital are returned to members in the form of higher rates on savings, lower rates on loans, and improved services. There are 650 credit unions in the state, and 10,000 in the U.S.