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 ?
Camino Federal Credit Union membership includes the Montebello, ABC and Norwalk-La Mirada Unified School Districts and surrounding communities.
16 Philips Electronics Federal Credit Union Fort Wayne 113.
28 Pine Bluff Arsenal Federal Credit Union 10020 Kabrich Circle,
7 Mil-Way Federal Credit Union $58,791,188 $49,836,781
The NCUA said the Federal Credit Union Act allowed the agency to modify rules to keep credit unions financially stable.
USF Federal Credit Union has supported the development of CAMLS since its conception, and is excited to have a presence at one of the most progressive research and medical training facilities in the country.
Leading the way is the $4 billion Randolph-Brooks Federal Credit Union in Live Oak, Texas, with more than $9 million in loans approved.
New Horizons Federal Credit Union of Elm Springs and Razorback Federal Credit Union of Fayetteville, both of which merged with Northwest Arkansas Federal Credit Union in the fall of 2002.
based credit union has an office in Asheboro serving employees of Klaussner's Furniture and Black & Decker, which are among the 300-some employers affiliated with AT&T Family Federal Credit Union.
LSI), a provider of lending center services and consulting programs for financial institutions across North America, announced that Agriculture Federal Credit Union (Alexandria, Va.
com is an alternative website for USF Federal Credit Union, and was created to illustrate an interesting way of educating credit union members and bank customers on the differences between both institutions.
Philadelphia Federal Credit Union, Philadelphia, Pa.

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