Which statement best explains the difference between a bank and a credit union?

Both provide loans and checking or savings accounts, but banks collect interest from loans while credit unions offer interest-free loans only.
A bank provides a full range of banking services, but a credit union is limited to checking and savings accounts only.
Banks must follow the guidelines of the Federal Reserve, but credit unions are not required to do so.
Both provide banking services such as loans, checking accounts, and savings accounts, but a bank is privately owned and a credit union is owned by its members.