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 ?
"Credit Union 1 understands that things come up in life and sometimes people just need a second chance."
An industry group called the Credit Union Housing RoundTable[R] (CU Housing RoundTable), Seattle, has embarked on a campaign to increase credit union mortgage share from 2 percent to 10 percent by 2016.
This extends to ATMs as well with surcharge-free access to almost 30,000 ATMS at credit union branches, convenience stores, and other locations.
Inspirus and Gesa are proud of their individual brands but recognize it may not serve the purposes of a newly created, statewide credit union. The merged organizations will conduct a comprehensive brand research study to determine the most appropriate and unifying name for the combined organization.
All current Inspirus Credit Union and Gesa Credit Union Board members will serve on the combined credit union's board of directors.
Credit Union Trust is a special purpose bank and credit union service organization (CUSO).
The credit union merger process, as outlined by the NCUA, is effectuated through a four-step process, the specifics of which depend on the types of credit unions that will merge.
Norris Green Credit Union chair Allan Devon said they can provide an alternative for cash-strapped people who may otherwise be pushed into the arms of predatory lenders.
Vickswood Credit Union 107 Thalweg Dr., Vicksburg, MS 39183
Heartland Credit Union Association is one of more than a dozen other leagues and several other credit unions suing Equifax.
( AppleInsider has learned that a deal with payments solutions firm Cuscal is giving the payment service support for 31 credit unions and regional banks. 

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