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Credit Union
(redirected from Credit unions)

    Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

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.
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? References in periodicals archive
Consolidation in the banking industry is a potential boon for credit unions hoping to capitalize on consumers who have become disenchanted with behemoth financial institutions.
CREDIT UNIONS CASHING IN BANK ALTERNATIVES MAKING INROADS by Daily News (Los Angeles, CA)
Spurred by passage of the Credit Union Membership Access Act of 1999, which lifted restrictions on credit unions marketing their products outside their core constituency, three institutions with roots in L.
Credit unions narrow gap with banks under new rules. (Up Front) by Berry, Kate / Los Angeles Business Journal
Federally insured credit unions with assets greater than $10 million are required to file reports on their financial results with the National Credit Union Administration (NCUA) on a GAAP basis.
Congress passes credit union bill by Journal of Accountancy
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