_______________ are cooperative nonprofit organizations that exist primarily to provide member depositors with consumer credit, including the financing of automobiles and the purchase of homes, and derive their funds almost entirely from the savings of their members.

Question

Quizplus · Accepted Answer

Credit unions are nonprofit organizations that provide consumer credit to their member depositors, funded mostly by the savings of their members. Thrift institutions and savings banks also offer similar services, but they are not necessarily nonprofit cooperatives. Commercial banks typically focus on business and corporate banking, although some do offer consumer credit as well.

_______________ Are Cooperative Nonprofit Organizations That Exist Primarily to Provide