Credit unions operate on a common bond principle which emphasizes the depository and lending needs of credit union members.

Question

Quizplus · Accepted Answer

Credit unions are member-owned financial cooperatives that operate on a common bond principle, meaning they serve a specific group of people who share a common bond such as profession, employer, or community. The focus is on meeting the financial needs of the members rather than maximizing profits.

Credit Unions Operate on a Common Bond Principle Which Emphasizes