Q: Can't cities and states just deposit their funds into a credit union? Wouldn't that amount to the same thing?

A:

Credit unions contribute to the economic strength of the communities they serve by returning their profits to local members rather than to out-of-state investors. But they are too small by law to handle the banking needs of a city or state. A public bank also differs from a credit union in that its profits go to the public — all the residents and taxpayers of a city or state — for public use. Find more details here.

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