Final answer:
A credit union is a nonprofit financial institution owned and run by its members. It offers loans to qualified individuals within its membership base.
Step-by-step explanation:
A credit union is a nonprofit financial institution that its members own and run. Members of each credit union decide who is eligible to be a member. Usually, potential members would be everyone in a certain community, groups of employees, or members of a certain organization. The credit union accepts deposits from members and focuses on making loans back to its members. While there are more credit unions than banks and more banks than savings and loans, the total assets of credit unions are growing.