What is the difference between a credit union and a savings and loan association?

What is the difference between a credit union and a savings and loan association Introduction: The World of Financial Institutions Hello everyone, and welcome to our video on credit unions and savings and loan associations. When it comes to managing our finances, we often encounter various types of institutions. While banks are the most well-known, credit unions and savings and loan associations also play a significant role. Today, we'll explore the similarities, differences, and unique aspects of these two financial entities. Credit Unions: A Member-Owned Approach Let's start by understanding credit unions. Unlike banks or savings and loan associations, credit unions are not-for-profit organizations. What sets them apart is their ownership structure. Credit unions are owned and operated by their members, who are also their customers. This member-centric approach means that every account holder has a say in the credit union's decisions, including the election of the board of directors. The Community Focus of Credit Unions Credit unions are known for their community-oriented approach. They often serve a specific group of individuals, such as employees of a particular company or residents of a specific area.