state chartered credit unions

State-chartered credit unions are financial cooperatives regulated by state agencies rather than the federal government. They are owned and operated by their members, offering savings accounts, loans, and other financial services. These credit unions serve individuals within specific states or communities, providing personalized service and often lower fees or interest rates compared to banks. State charters allow credit unions flexibility in their operations while ensuring adherence to state-established rules that promote financial safety and soundness. Ultimately, they function as nonprofit institutions focused on the financial well-being of their members.