A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members.
Many credit unions also provide services intended to support community development or sustainable international development on a local level, and could be considered community development financial institutions.
Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members.
Read more about Credit Union: Differences From Other Financial Institutions, Field of Membership, Not-for-profit Status, Global Presence, Corporate Credit Unions, Leagues and Associations, History
Famous quotes containing the words credit and/or union:
“Bless my soul, Sir, will you Britons not credit that an American can be a gentleman, & have read the Waverly Novels, tho every digit may have been in the tar-bucket?”
—Herman Melville (1819–1891)
“She had brought love to the union and he had brought a longing after the flesh.”
—Zora Neale Hurston (1891–1960)