FOLIO Ontology

Identification

IRI:
https://folio.openlegalstandard.org/R9ejVFO48SQK7NinELTfoTP
Label Credit Union
Preferred Label N/A
Identifier N/A
Alternative Labels
Cooperative Bank Cooperative Financial Institution Member-Owned Financial Institution

Definition

A credit union is a member-owned financial cooperative that provides traditional banking services, including accepting deposits, making loans, and offering other financial products to its members. Unlike banks, credit unions operate on a not-for-profit basis, returning profits to members in the form of lower loan rates, higher savings yields, and lower fees.

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Additional Information

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