# Credit Union

**IRI:** https://folio.openlegalstandard.org/R9ejVFO48SQK7NinELTfoTP

## Labels

**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.

## Sub Class Of

- https://folio.openlegalstandard.org/R9TyJ8yqLicto5rFa8puek4

## See Also

- https://folio.openlegalstandard.org/RCsSG3CCLhnxP2AJIMaGhaZ

**Deprecated:** False