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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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).
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 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.

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