credit union
Definition
Financial cooperative created for and by its members who are its depositors, borrowers, and shareholders. Operated on non-profit basis, credit unions offer many banking services, such as consumer and commercial loans (usually at lower than market interest rates), time deposits (usually at higher than market interest rates), credit cards, and guaranties. Credit unions are normally taxed at rates lower than those applied to commercial banks and other financial institutions. Their members often have a common-bond, such as employment in the same firm or domicile in the same community. Credit unions are a type of mutual association.
credit union is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
credit union appears in the definitions of the following terms:
tier 1 capital,
lending institution,
primary capital,
certificate of deposit (CD),
truth in savings,
reserves requirement,
financial institution,
International Monetary Fund (IMF),
total reserves,
reserve requirements
and
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