What Is A Credit Union?
A credit union is a member-owned, nonprofit cooperative financial institution formed for the purpose of encouraging savings by offering a fair return, using those savings to make loans at competitively low interest rates to members, and providing other financial services. Members are united by a common bond of association and democratically operated the credit union under state of federal regulation. There are more than 12,000 credit unions in the United States: 502 of these are in Michigan. Of nearly 72 million credit union members nationwide, 4 million are Michigan residents.