Empower Credit Union
As a full-service financial institution, Empower Credit Union is owned and operated by its members. Our membership consists of employees and retirees of Wisconsin Energy Corporation, its affiliates, and subsidiaries, regardless of where they live or work.
Frequently Asked Questions
What is a Credit Union?
A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
Credit unions, like other financial institutions, are closely regulated. They operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $250,000.
How are Credit Unions different from banks?
Like credit unions, banks accept deposits and make loans–but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments. The primary reason for the existence of credit unions is to serve their member’s financial needs, whereas banks exist to earn dividends for shareholders.
How do Credit Unions operate?
Policies and procedures are set and monitored by a volunteer board of elected directors. The day-to-day operations are the responsibility of the President/CEO. The democratic structure of credit unions is what makes them unique. Each credit union member has one vote and an equal voice in the management and direction of the credit union. A board of directors, elected for 3 year staggered terms at the annual meeting, and sets the goals and policies under which credit union management carries out its duties.