Credit Union

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Credit Union

A corporation formed under special statutory provisions to further thrift among its members while providing credit for them at more favorable rates of interest than those offered by other lending institutions. A credit union is a cooperative association that utilizes funds deposited by a small group of people who are its sole borrowers and beneficiaries. It is ordinarily subject to regulation by state banking boards or commissions. When formed pursuant to the Federal Credit Union Act (12 U.S.C.A. § 1751 et seq. [1934]), credit unions are chartered and regulated by the National Credit Union Administration.

A credit union can be distinguished from other financial institutions by the fact that membership is ordinarily restricted to individuals who meet certain residential or occupational criteria. In addition, it can make loans of a more diversified nature than certain institutions, such as building and loan associations.

References in periodicals archive ?
Ainsi, les caisses populaires et autres cooperatives de credit desservent certaines regions, notamment de petites villes, ou la caisse populaire locale ou la cooperative de credit est souvent la seule institution financiere du voisinage.
The Desjardins micro-loan program provides a specialized service lodged within participating local Caisses Populaires.
Il semble pourtant que les caisses populaires canadiennes-francaises et les cooperatives de credit juives.
Dans la premiere, intitulee La goutte d'eau et l'ocean (Le sou et le capital), il examine particulierement la place reservee au [much less than] sou [much greater than] dans le Catechisme des caisses populaires.
The Association consists of 90 Members which include: banks, trust companies, credit unions, caisses populaires, technology and payment related companies.
The shares of the capital stock of Caisse centrale are held primarily by the FE[umlaut]dE[umlaut]ration des caisses Desjardins du QuE[umlaut]bec which, along with its member caisses, is a full member of Caisse centrale, and by the three federations of caisses populaires in Ontario, Manitoba and New-Brunswick.
The CUMIS Group markets a diverse portfolio of insurance and other services to Canadian Credit Unions and caisses populaires, and their members.
With an employment base of 400 supporting a client list of 500 MasterCard affiliates (credit unions, caisses populaires, banks and other organizations), CUETS is emerging as a major player in Canada's card services marketplace.
Amongst its valued clients, VISION has such prestigious organizations as Measure Canada (Government of Canada), the German Government, Fairfax Financial Holdings, Federation des Caisses Populaires Desjardins and Musee du Quebec, as well as many major insurance organizations around the United States such as Seqouia Insurance and Markel Insurance.
In Canada, the Caisses Populaires Desjardins, Bank of Nova Scotia and Vancouver City Savings Credit Union are issuing VISACash cards to employees and customers.
The other 60 percent include trust companies, credit unions, caisses populaires and provincial savings offices.

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