A Federal Credit Union is a not-for-profit financial institution that is owned and operated by its members. These credit unions provide a range of financial services, including savings accounts, loans, and checking accounts, often with lower fees and better interest rates than traditional banks. They are regulated by the National Credit Union Administration (NCUA), which ensures the safety and soundness of the institution. Membership in a federal credit union is typically based on a common bond, such as working for the same employer or living in the same community. This structure fosters a sense of community and encourages members to save and borrow responsibly, benefiting everyone involved.