Do credit unions offer loans? Credit unions are owned by their members — not shareholders — and any profits they make go back to the members. Because of that, credit unions can offer lower costs on other products, too, including mortgages, home equity loans, unsecured personal loans and credit cards.What are local credit unions? There are four main types of credit unions: Federal credit unions, which operate under federal financial regulations rather than state banking laws. Employer credit unions, which are sponsored by employers for their employees. Local credit unions, which serve people that live in a certain area.What are banks and credit unions? While banks and credit unions are both financial institutions that offer similar services (checking and savings accounts, auto loans, and mortgages), the main difference between a bank and a credit union is that "customers" of a credit union are members, and they own the institution.What is federal credit department? The Department of Commerce Federal Credit Union (DOCFCU), is a financial institution serving all of Washington, DC since 1932. Our goal is to serve all of our members well, including those of modest means, because every member counts.