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 ?
16 1 st Mississippi Federal Credit Union 600 19th Ave, Meridian, MS
Red River Bank asked the court to make Red River Employees Federal Credit Union stop using its logo, as well as stop using the names Red River Employees Federal Credit Union or Red River Credit Union outside its original market area.
Pentagon Federal Credit Union, headquartered in Alexandria, Va., has grown to a $5.8 billion credit union with more than 518,000 members worldwide.
Employees Federal Credit Union Bloomington 216.5 mil.
3 June 2019 - Maryland, US-based NASA Federal Credit Union and Virginia, US-based The Partnership Federal Credit Union have announced their intent to merge, to expand combined member offerings, the companies said.
The purchase and assumption agreement provides for the transfer by Synovus Bank to Jefferson Financial Federal Credit Union of USD 138 million in loans, USD 107 million in deposits, and other assets associated with the three branches in exchange for a deposit premium of USD 14,500,000.
The credit unions include 4Front Credit Union in Michigan, Capital Credit Union in North Dakota, Cascade Federal Credit Union in Washington state, Department of Commerce Federal Credit Union in Washington, D.C., Kern Federal Credit Union in California, People First Federal Credit Union in Pennsylvania, and Oklahoma's Credit Union in Oklahoma.
Two MSCUA directors were re-elected to a three-year term: Katie Nelson, Eagle Express Federal Credit Union (Jackson) and Raymond Scott, Southern Mississippi Federal Credit Union (Hattiesburg).
Ina Fitch will begin serving in January as president/CEO of the $124 million Delaware State Police Federal Credit Union, which serves 9,945 members.
31, 2014 2014 Assets Federal Credit Union Asset Change Address, Phone, Website 2013-2014 1 Arkansas Federal Credit Union $1,008,181,216 2424 Marshall Road, Jacksonville 72078, (501) 982-1000, 5.3% 2 Telcoe Federal Credit Union $326,280,628 P.O.

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