Credit Union

(redirected from Federal credit union)
Also found in: Dictionary, Thesaurus, Financial, Acronyms, Encyclopedia.

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 ?
27 Old South Federal Credit Union 1953 Stacy McCann
The $689-million Miami-based Dade County Federal Credit Union and $726-million San Luis Obispo, Calif.
Heritage Federal Credit Union offers financial products and services to anyone who lives, works, worships or attends school in Vanderburgh or Warrick County, or has an immediate family member who does.
Since 1982, the NCUA permitted federal credit unions to be composed of multiple unrelated employer groups, each having its own common bond of occupation.
12 Evansville Teachers Federal Credit Union Evansville 149.
Navy Federal Credit Union is the world's largest natural person credit union with $40 billion in assets, 3.
Bankers filed a lawsuit against a regulator of federal credit unions Monday, claiming the office improperly allowed a Ventura County credit union to grant membership to anyone who lives, works or worships in Ventura County.
Credit unions such as Waterbury Connecticut Teachers Federal Credit Union utilize Lending Solutions as a partner by offloading time-consuming loan origination services," stated Lee Kolquist, president of Lending Solutions.
based CUSO CU*Answers announced the $69 million University of Toledo (Ohio) Federal Credit Union converted to the CU*BASE data processing system.
9 Pine Bluff Cotton Belt Federal Credit Union 1703 River Pines
We view it like other people would going into a major court case - with a lot of apprehension, a lot of anxiety,'' said the president and chief executive of 36,000-member First Entertainment Federal Credit Union in Hollywood.

Full browser ?