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 ?
Loan interest is capped at 5%, but only one Caisse Populaire has chosen to charge any interest at all.
La qualite de sa recherche incite apres coup les editions du Septentrion a en publier l'essentiel en l'an 2000, qui coincide d'ailleurs avec le centieme anniversaire de fondation de la premiere caisse populaire a Levis.
Il conclut, quelques pages plus loin, que c'est le discours moral et theologique sur l'usure qui fournit au mouvement et au message cooperatifs leurs reperes et leurs assises , ajoutant que l'usure, l'usurier, la capitaliste, le Juif, le franc-macon, le Juif franc-macon et le complot deviennent les faire valoir de l'humble sou, de la charite entre freres, des epargnistes, de la caisse populaire, de la cooperation, de l'oeuvre economique et liberatrice .
When he was about 20, Trudeau bought a backhoe from his older brother for $20,000 with a loan from Caisse Populaire.

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