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 ?
The suit against AT&T Family Federal Credit Union, Winston-Salem, N.
Nearly 60% operate under federal charter and fall under the jurisdiction of the National Credit Union Administration.
The Complete Credit Union Solution and e-Commerce Banker are registered trademarks of Open Solutions Inc.
Point Mugu Federal Credit Union, based in Ventura, increased its service area to all of Ventura County in 1997.
As part of the ACUL's proactive Security Breach Response program, a participating member of the credit union will receive:
Certainly we wish it had been otherwise but this is not totally unexpected,'' said David Chatfield, president of the California Credit Union League.
the credit union chooses which products and activities it wants to reward, and the amount of points members can earn.
Besides, expansion is necessary for survival, credit union officials say.
The integration makes it possible for credit unions to automate the approval of near-prime loan applications based on underwriting from Lenders Protection.
The NCUA said the Federal Credit Union Act allowed the agency to modify rules to keep credit unions financially stable.
also welcomed Community First as the first credit union in the province of Ontario to select Open Solutions' core enterprise system as its banking platform and said, "Our relational data processing system, The Complete Credit Union Solution, was specifically designed to help credit unions better serve their members and streamline operations.
Valley Credit Union is a profit-sharing financial institution open to all employees of AT&T, PacBell, Sunnyvale Westinghouse, Oakland's Summit Medical Center and Children's Hospital and more than 500 businesses and organizations spanning the coast from Marin to Santa Cruz County.

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