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 ?
So why don't more take advantage of credit unions? Many have never even heard of a credit union.
Inspirus Credit Union and Gesa Credit Union have announced their merger has received regulatory approval, as well as approval by a majority vote of the Inspirus Credit Union membership, the companies said.
On the official merger date, Inspirus Credit Union will become a division of Gesa Credit Union.
Credit Union Trust is a credit union service organization (CUSO) established by seven Michigan credit unions with more than 500 years of combined industry experience.
Specifically, the FCUA contains a designation that federal credit unions are charged to provide "credit for persons of small means." (23) The FCUA further defines limitations that distinguish credit unions from other lending institutions.
Other Merseyside credit unions Central Liverpool Credit Union Riverside Credit Union Enterprise Credit Union Wirral Credit Union Sefton Credit Union Halewood Community Credit Union Mersey Money Knowsley Mutual Credit Union Southdene Credit Union Partners Credit Union Fazakerley 9/10 Credit Union System
Credit Union South 12460 Highway 49 Ste A, Gulfport,
"When these cyberattacks happen, credit unions could incur steep costs associated with fraudulent behavior, and the association hopes this lawsuit is one step forward in leading to credit unions recouping some of those costs," the association said in its announcement.
Defence Bank, EECU, First Option Credit Union, Goldfields Money, Goulburn Murray Credit Union Co-Op, Holiday Coast Credit Union, Horizon Credit Union, Intech Credit Union, Laboratories Credit Union, My State Bank, Northern Inland Credit Union and People's Choice Credit Union are also part of the list. 
Credit unions are recognized as a force for positive economic and social change and have provided significant value in both developed and emerging nations.
Since the passage of the 1934 Federal Credit Union Act, the things that distinguish credit unions from for-profit financial institutions have not changed.
The Credit Union National Association (CUNA) is the largest national trade association in the United States serving America's credit unions.

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