Final answer:
Credit unions are depositor-owned, nonprofit financial cooperatives offering banking services to members bound by common affiliations. They focus on accepting deposits and providing loans to these members. The number and assets of credit unions continue to increase, reflecting their growing role in the financial sector.
Step-by-step explanation:
Depositor-owned, nonprofit financial cooperatives that offer a range of banking services to their members are known as credit unions. These institutions are owned and operated by their members, who also have a say in deciding the eligibility criteria for membership. Generally, these members are connected by a common bond, such as residing in a specific community, working for the same employer, or belonging to the same organization. Credit unions accept deposits and primarily provide loans to their members, promoting a circle of financial support within the cooperative. In comparison to banks and savings and loans, there are more credit unions, and they typically differ in size; however, the collective assets of credit unions are on the rise.