The New Economy Glossary

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Credit Unions

A credit union is a cooperatively owned, not-for-profit financial institution that offers banking, loans, and other financial services to members. Often focused on one or more specific populations such as workers at a company or residents in a neighborhood, credit unions are a vital alternative to large corporate banks. While not all credit unions live up to their promise, the institution is structurally democratic, with each member having an equal vote in governance decisions. Credit unions can be an integral part of community-based development efforts, offering low-cost, locally accountable financial services. Source: Beautiful Solutions

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