When a number of thrift societies come together and are registered, they become a?

When a number of thrift societies come together and are registered, they become a credit union. A credit union is a non-profit financial cooperative that is owned and controlled by its members, who typically have a common bond such as working for the same company, living in the same community, or belonging to the same organization. Credit unions offer savings and loan products to their members, often at more favorable rates than traditional banks, and are usually governed by a volunteer board of directors elected from among the membership.