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 ?
En fait, aux yeux de Cyrille Vaillancourt, senateur et cooperateur ayant joue un role tres important au sein des hautes instances des caisses populaires Desjardins (24) , les parents devraient epargner le montant des allocations familiales puisque, avant leur instauration, ces parents, << pour la plupart du moins, [faisaient] vivre convenablement leurs enfants >> (25).
Ainsi, les caisses populaires et autres cooperatives de credit desservent certaines regions, notamment de petites villes, ou la caisse populaire locale ou la cooperative de credit est souvent la seule institution financiere du voisinage.
Finally, by integrating the micro-loan program with existing Caisses Populaires, the client can draw on other financial services available including deposit accounts and building their credit rating.
De ce point de vue, les cooperatives juives contrastent fortement avec le mouvement cooperatif canadien-francais des caisses populaires, lance en 1900 par Alphonse Desjardins (67).
S'interessant particulierement a la premiere edition de ce catechisme et aux messages qu'il vehicule, Paul Morency en fait l'objet de sa these de doctorat en 1inguistique, qu'il depose a l'Universite Laval en 1998 sous le titre: Le message cooperatif dans le Catechisme des caisses populaires Desjardins; analyse semiotique d'un texte fondateur.
S'interessant particulierement a la premiere edition de ce catechisme et aux messages qu'il vehicule, Paul Morency en fait l'objet de sa these de doctorat en linguistique, qu'il depose a l'Universite Laval en 1998 sous le titre : Le message cooperatif dans le Catechisme des caisses populaires Des jardins ; analyse semiotique d'un texte fondateur.
The caisses populaires have socialist roots because Alphonse Desjardins began them at the turn of the century in a spirit of economic democracy, and current chairman Claude Beland continues to speak that language, and to respect the one-customer-one-vote principle in each local caisse.
While acting as a volunteer or legal advisor in various caisses populaires (credit unions) and other Quebec cooperatives, he co-founded a francophone federation of savings and credit unions in 1962, grouping several caisses based and operating in the province of Quebec; until then they had been affiliated with the Credit Union League.
The Deposit Guarantee Corporation of Manitoba (DGCM) regulates the credit unions and caisses populaires system and provides protection for Manitoba deposits in these institutions.
The survey found that independent business owners continue to favor the performance of credit unions, caisses populaires, trust companies and other small institutions, while the "Big Five" financial institutions again occupy the bottom five rankings.
As set out in The Credit Unions and Caisses Populaires Act, the DGCMs mandate is to guarantee deposits in credit unions and caisses populaires (CU/CP), promote CU/CP development of sound business practices and ensure that CU/CP operate under sound business practices.
To secure financial success of this unique arrangement, with support of the AfDB, the Government has agreed to guarantee it to the communities by borrowing the loan and investing it for development of the cashew value chain in the form of micro-credits through a financial intermediary, Rseau des Caisses Populaires du Burkina (RCPB).

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