Where is the credit union located? A branch of the Coastal Federal Credit Union in Raleigh, North Carolina. A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.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.