_______________ 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 the only option that fits the description given, as they are nonprofit organizations that primarily provide consumer credit to member depositors and derive their funds from member savings. Commercial banks may provide consumer credit but they are for-profit organizations. Thrift institutions and savings banks may also provide consumer credit, but they are not necessarily nonprofit cooperatives and may derive their funds from sources other than member savings.

_______________ Are Cooperative Nonprofit Organizations That Exist Primarily to Provide