What is a nonprofit cooperative that accepts deposits makes loans and provides other financial services?

A nonprofit cooperative that accepts deposits, makes loans, and provides other financial services is typically known as a credit union. Credit unions are member-owned organizations that operate on a not-for-profit basis, prioritizing the financial well-being of their members rather than generating profit. They offer a range of services, including savings accounts, checking accounts, and personal loans, often with lower fees and better interest rates than traditional banks. Membership is usually based on a common bond, such as geographic location or shared affiliation.