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Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member - owned, democratically, operated, not - for - profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.&
Credit unions,
unlike many
other participants in the financial services market, are exempt from Federal and most State taxes because
credit unions are member - owned, democratically, operated, not - for - profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.&
credit unions are member - owned, democratically, operated, not - for - profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the
credit and savings needs of consumers, especially persons of modest means.&
credit and savings needs of consumers, especially persons of modest means.»
Unlike many larger banks that may take deposits in one state and lend in
others, community banks and
credit unions channel most of their loans to the neighborhoods where their depositors live and work, helping to keep local communities vibrant and growing.