In this episode, we explore the world of credit unions, which are member-owned, nonprofit financial cooperatives that offer services similar to commercial banks. We discuss how these institutions differ from banks by operating under a one-person-one-vote system where every member is also an owner, regardless of how much money they have invested. You will learn about the "not-for-profit" status of credit unions, which means their goal is to serve members rather than maximize profits, though they still must generate a surplus to ensure solvency.

We also trace the history of the movement, from 19th-century origins in Slovakia and Germany to the first North American credit union in Quebec and the first US branch in New Hampshire. The discussion highlights the stability of these institutions, noting that credit unions were two and a half times l ...