Question

Works for a not-for-proft business organization that accepts deposits and makes loans to members with some type of common affiliation (for example, location, employer, and so forth) _____________.

Answer 1

A credit union is a nonprofit financial institution that its members own and run. They accept deposits from members and focus on making loans back to their members. Credit unions have a more specific membership criterion and are focused on serving their members rather than making a profit.

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, or 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.

Compared to banks and savings and loans, credit unions have a more specific membership criterion and are focused on serving their members rather than making a profit. They offer services like savings accounts, loans, and other financial products. While credit unions are growing in terms of assets, banks still outnumber them.

Overall, credit unions are a unique type of financial institution that provides financial services to members with a common affiliation.