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 ?
Arkansas Federal Credit Union of Jacksonville, the state's largest credit union by far, was one of those.
However, in the federal system, Congress through the Federal Credit Union Act, made it clear that any rate above the present the NCUA authorized 18% is usurious, and the 18% rate is only under unique circumstances.
Because we conclude that Congress has made it clear that the same common bond of occupation must unite each member of an occupationally defined federal credit union, we hold that the (government's) contrary interpretation is impermissible,'' Thomas wrote in part.
Established in 1935, TopLine Federal Credit Union is headquartered in Maple Grove, Minnesota, and is the state's 11th largest credit union with more than $240 million in assets.
The field of membership for Point Mugu Federal Credit Union - anyone who lives, works or worships in Ventura County - is stretching the definition of community too far, Stafford said.
Bankers contend that such ability, which was granted by the National Credit Union Administration, violates the Federal Credit Union Act of 1934, which they say allows only people with one ``common bond'' to constitute the membership of a credit union.
based credit union has an office in Asheboro serving employees of Klaussner's Furniture and Black & Decker, which are among the 300-some employers affiliated with AT&T Family Federal Credit Union.
The First Entertainment Federal Credit Union in Hollywood, together with the California Credit Union League in Pomona, sued the National Credit Union Administration over a letter it sent ordering federally chartered credit unions to stop adding new companies.
After assessing various approaches for augmenting the security of member data, Kern Schools Federal Credit Union turned to Ingrian.
California has about 540 federal credit unions, according to the California Credit Union League in Pomona.
based United Nations Federal Credit Union (UNFCU), a cooperative financial institution serving the staff members, families and retirees of the United Nations and its specialized agencies around the world, has successfully installed QuestSoft's Instant Geocoder(TM) and HMDA RELIEF software to verify HMDA compliance.

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