credit union

credit union
credit union n: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)

Merriam-Webster’s Dictionary of Law. . 1996.

credit union
A cooperative financial institution owned and controlled by its members and operated for the purpose of promoting savings with fair interest rates and offering loans at reasonable rates. The National Credit Union Administration (NCUA) charters and supervises federal credit unions.
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.

credit union
A non-profit making financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members. They are registered under the Industrial and Provident Societies Act 1965 and in accordance with the Credit Unions Act 1979. Credit unions are authorised persons, and as such they are regulated by the Financial Services Authority under the Financial Services and Markets Act 2000.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


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.

Dictionary from West's Encyclopedia of American Law. 2005.


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.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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