Credit Unions

CREDIT UNIONS are co-operative financial institutions offering loans and other financial services to member-owners. They are considered local alternatives to the major banks. In 2005 there were 52 savings and credit unions in BC, with assets totalling $32 billion. Many credit unions, especially the earlier ones, were of the closed-bond type, with membership restricted to people sharing a particular affiliation such as workplace, ethnicity, religion or neighbourhood. With mergers and expansion,...

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