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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 members.
Many credit unions exist to further community development or sustainable international development on a local level.
Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size.
Since credit unions exist in a wide range of sizes, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members.
The World Council of Credit Unions (WOCCU) defines credit unions as "not-for-profit cooperative institutions".
In practice, however, legal arrangements vary by jurisdiction.
Credience
helps Credit Unions by implementing systems that take the most important
features that banks use that are still necessary for Credit Unions.
Credience also offers Training and Consulting services to help Credit
Unions better compete with their larger bank counterparts.
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