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While recessions will likely impact approval rates for both consumer and commercial loan applications, institutions can still go the extra mile to help alleviate the strain on their communities. ... Community-based institutions like credit unions typically have an advantage over large banks during economic downtimes.

In Canada, credit unions and caisses populaires are usually governed by the laws of the provinces where they operate. However, in 2012, the Government of Canada put in place a framework that allowed provincial credit unions and caisses populaires to continue as federal credit unions (FCUs).

The Federal Reserve does not supervise or regulate credit unions. Federally chartered credit unions are regulated by the National Credit Union Administration, while state-chartered credit unions are regulated at the state level. ... At the state level, state-chartered banks are regulated by their state banking regulator.

Like banks, credit unions typically offer checking and savings accounts, debit and credit cards, and a variety of consumer loans, including auto loans and home mortgages. Most offer services through brick-and-mortar branch offices, ATMs websites and mobile apps.

How is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services.

Credit unions and loan and trust corporations. The Office of the Alberta Superintendent of Financial Institutions can offer guidance, assist consumers in resolving complaints about financial institutions operating in Alberta, and respond to general inquiries about laws or practices governing financial institutions.

Getting a credit union loan is a good option when you need to borrow money whether it's to pay for an emergency expense, consolidate debt or fund a big purchase. ... Generally, credit union loans can offer lower interest rates and fees.

Navy Federal Credit Union. Navy Federal Credit Union. offers personal, secured, and pledged loans to members. ... First Tech Credit Union. First Tech Credit Union offers no-fee, no-collateral personal loans to members. ... Alliant Credit Union. Alliant Credit Union.

Credit union loans often come with low rates and fees, which results in a lower overall cost of borrowing. 1 As an additional benefit, it can be easier to get approval for a loan through a credit union.