Which statement about credit unions is accurate?

Credit unions operate under a member-focused model, which means they are cooperative financial institutions owned by their members. One of the defining characteristics of a credit union is that they typically require individuals to meet specific membership qualifications to join. These qualifications can be based on various factors, such as living in a certain area, working for a particular employer, or being part of a specific organization or community. This requirement is designed to create a sense of community and purpose among members, emphasizing the cooperative nature of credit unions compared to other financial institutions.

In contrast, while some credit unions may focus on specific types of loans such as home loans, they also provide a broad range of financial services similar to those offered by commercial banks. Their aims are different than those of commercial banks, which operate primarily for profit and return on investment to shareholders, whereas credit unions reinvest their earnings back into the community and their members, providing lower fees and better rates.