What "credit union" means in finance

A credit union is a type of financial institution that is owned and operated by its members. It provides many of the same services as a bank, including savings accounts, checking accounts, loans, and credit cards. However, unlike banks, credit unions are not-for-profit organizations, and their primary focus is on serving their members, rather than making a profit. Credit unions may have membership requirements, such as being employed by a particular company or belonging to a certain community or group. Members typically have voting rights and elect a board of directors to oversee the credit union's operations.