Credit union
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(CU).
Credit unions are not-for-profit mutual organisations that are owned and controlled by their members.
They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer.
There are limitations to the extent of business they are authorised to undertake.
A credit union requires authorisation, but the requirements are generally simpler than for a bank or building society.
