Credit unions are state-chartered banks that operate much like savings and loan associations.

Name: Credit unions are state-chartered banks that operate much like savings and loan associations.
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Credit unions are not banks but are member-owned financial cooperatives that provide savings, credit, and other financial services to their members. They can be chartered by the state or federal government, distinguishing them from banks and savings and loan associations.

Credit Unions Are State-Chartered Banks That Operate Much Like Savings