Answered: Credit unions are Group of answer…

Credit unions are Group of answer choices not providers of insured deposits. mutual associations. available to the general public. mortgage lenders. special commercial lenders. \

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Credit unions are

Group of answer choices

not providers of insured deposits.

mutual associations.

available to the general public.

mortgage lenders.

special commercial lenders.

Expert Solution

Step 1

Introduction:

Usually unions are financial organizations that are arranged in a cooperative model. Members are purchases shares in the organization. A credit union is a customer owned financial cooperative and democratically controlled by its members. It is operated for the purpose of maximizing the economic benefit of its members.

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