Credit unions and banks are for-profit organizations. True or false?
Understand the Problem
The question is asking whether credit unions and banks are both for-profit organizations, requiring an examination of the nature and structure of these financial institutions.
Answer
False
The final answer is False
Answer for screen readers
The final answer is False
More Information
Banks are for-profit entities, either privately owned or publicly traded, while credit unions are non-profit institutions designed to serve their members.
Sources
- Credit Unions vs For-Profit Banks - info.cccu.com
- What Makes a Credit Union Different from a Bank | RBFCU - rbfcu.org
- How is a credit union different than a bank? - MyCreditUnion.gov - mycreditunion.gov
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