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Credit Unions

Credit Unions are a form of co-operative bank but are funded primarily by their members deposits and do not borrow externally. They are usually formed round a common bond of profession, locality, or religion. They are notably strong in many small developing countries, as well as in Canada, where there are 427 members of the National Federation. They have combined assets of C$117b including Vancouver’s Vancity (with 410,000 members and assets of C$14b) and the Mennonite Credit Union which couples low rates of return on saving with low rates for lending.