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credit union
(redirected from Credit unions)

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Credit Union
Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.

Notes:
As soon as you deposit funds into a credit union account, you become a partial owner and participate in the union's profitability. Credit unions are formed by large corporations and organizations for their employees and members.


Credit union
A not-for-profit institution that is operated as a cooperative and offers financial services such as low-interest loans to its members.

credit union
A nonprofit cooperative financial institution that provides credit to its members. Credit unions often pay slightly higher rates of interest on passbook-type savings accounts and charge lower rates on consumer loans.

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Consolidation in the banking industry is a potential boon for credit unions hoping to capitalize on consumers who have become disenchanted with behemoth financial institutions.
Spurred by passage of the Credit Union Membership Access Act of 1999, which lifted restrictions on credit unions marketing their products outside their core constituency, three institutions with roots in L.
Federally insured credit unions with assets greater than $10 million are required to file reports on their financial results with the National Credit Union Administration (NCUA) on a GAAP basis.
 
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