From the Transition Free Press:
(Issue No. 1, June 2012)
A member-owned financial cooperative, democratically controlled by its members, and operating for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Credit unions lend their member’s savings – they do not create credit/debt/money out of thin air as commercial banks do. In the UK 88% of the money supply is credit/debt created by private banking interests.