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 ?
Before garnering mainstream popularity, credit unions had a reputation of serving underprivileged communities.
The majority of those credit unions already have independent audits done by a licensed public accountant or a CPA, he added.
Credit unions have also won the only case decided on the merits of geographic community memberships.
Bankers have said the tax-exempt status allows credit unions to offer better rates than tax-paying banks and thrifts.
Recently signed customers include Dade County Federal Credit Union, Del Norte Credit Union, Mission Federal Credit Union, Mobiloil Federal Credit Union, Neighborhood Credit Union, Ventura County Credit Union, Veridian Credit Union, NASA Federal Credit Union, Credit Union ONE, SEFCU, Silver Oak Leasing, Inc.
Before 1982, credit unions served either one company or closely related companies.
We now have clients in five Canadian provinces and a significant percentage of the country's credit unions are committed to our technology platform.
They just don't want credit unions adding new ones.
a provider of lending center services and consulting programs for financial institutions across North America, announced that Orlando Federal Credit Union, a member-owned financial institution, has selected LSI to expand its lending capabilities by providing 24/7 call center services through LSI's National Loan Processing Center (NLPC).
They finally succeeded last July, when a federal appeals court ruled in favor of the banks and ordered credit unions not to accept members from outside their original ``core'' groups - such as employees of the same company.
There are many things we simply can't do because our existing banking system isn't flexible enough to accommodate them, but we believe that they will not be issues with the expanded functionality of The Complete Credit Union Solution.

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