Labor Unions, Credit Unions & Cooperatives
Names and abbreviations on this page
NLRB — National Labor Relations Board. A United States agency administering federal private-sector labour-relations law within its jurisdiction.
NCUA — National Credit Union Administration. A United States agency supervising federal credit unions and insuring eligible deposits at federally insured credit unions.
Labor or trade union
An organization that represents workers in employment matters. A union may bargain with an employer over wages, hours, benefits and other terms and conditions of employment. It is about workers and the workplace—not providing banking services.
Credit union
A member-owned, not-for-profit cooperative financial institution. Members use it for financial services such as savings, checking and loans and have ownership and voting rights under the credit union's structure.
Cooperative (co-op)
A broader member-owned business model. A cooperative can provide many kinds of goods or services. A credit union is one specific kind of financial cooperative, but not every cooperative is a credit union.
Easy distinction:
Labor union → represents workers.
Credit union → provides member-owned financial services.
Co-op → a broader member-owned organization or business.