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 ?
"The proposed change is required to avoid unnecessarily imposing undue hardship on federal credit unions that may have difficulty realizing their growth potential and member service strategies under the current rule," it added.
31,2010 Federal Credit Union Address 2010 Assets 2010 Deposits Phone, Website Asset Change Net Income (Loss) 1 Arkansas Federal Credit Union $821,206,178 $607,382,409 2424 Marshall Road, 3.1% $5,246,876 Jacksonville 72078 (501) 982-1000, 2 Telcoe Federal Credit Union $270,981,300 $212,713,395 820 Louisiana St., Little 12.8% $3,733,912 Rock 72120 (501) 375-5321.
Arkansas Federal Credit Union of Jacksonville, the state's largest credit union by far, was one of those.
Federal credit unions are required to protect members from usurious programs as a matter of law.
Telcoe Federal Credit Union of Little Rock, a distant second, reported solid asset growth of nearly 5 percent during the first three quarters of 2007.

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