cooperative financial institutions

Cooperative financial institutions are member-owned organizations like credit unions or mutual banks, where customers are also owners. They operate on a not-for-profit basis, prioritizing the financial well-being of members rather than generating profits for shareholders. Members contribute funds and can access services like savings accounts, loans, and mortgages, often at better rates. Because decisions are made democratically—one member, one vote—these institutions focus on serving their members’ needs, fostering community development and financial stability. They provide a way for individuals to collaborate and benefit collectively from shared financial resources.