The Coptic Credit Union Project
Is the Credit Union a New Type of Financial
No, "a credit union is a cooperative financial institution that is
owned and controlled by its members, and operated for the
purpose of promoting thrift, providing credit at reasonable
rates, and providing other financial services to its
"In the United States, credit unions have 86 million members,
which is 43.47% of the economically active population.
U.S. credit unions are not-for-profit, cooperative, tax-exempt
U.S. credit unions can be chartered by either the federal
government ("federal credit unions") or by a state.
All federal credit unions and 95% of state-chartered credit
unions have federal deposit insurance (called "share
insurance") through the National Credit Union Share
Insurance Fund of at least $100,000 per member…*"
"As of the end of 2007, the National Credit Union Share
Insurance Fund insured more than $560 billion in deposits at
8,101 not-for-profit cooperative US credit unions…*"
* From Wikipedia, the free encyclopedia