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

Question

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Credit unions are financial cooperatives that operate on a common bond principle, meaning that they serve the financial needs of a specific group of people who share a common bond, such as living in the same community, working for the same employer, or belonging to the same organization. Credit unions focus on providing affordable credit and other financial services to their members, rather than generating profits for shareholders.

Credit Unions Operate on a Common Bond Principle Which Emphasizes