credit union

(redirected from Federal Credit Unions)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.

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 non-profit cooperative organization that offers many of the same services as a bank. Specifically, credit unions offer checking accounts, savings accounts, and some loans. Most of the time, credit unions were founded by and/or cater to a particular profession, church, or community. Many credit unions serve rural or poor areas. Because they are non-profits, they often offer better interest rates than retail banks; however, they usually have fewer services.

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.

Credit union.

Credit unions are financial cooperatives set up by employee and community associations, labor unions, church groups, and other organizations. They provide affordable financial services to members of the sponsoring organization.

In some cases, they're created in rural or economically disadvantaged areas, where commercial banks may be scarce or prohibitively expensive.

Because they are not-for-profit, credit unions tend to charge lower fees and interest rates on loans than commercial banks while paying higher interest rates on savings and investment accounts.

The services offered at large credit unions can be as comprehensive as those at large banks. At smaller credit unions, however, services and hours may be more limited, and a few deposits may not be insured.

Assets in most credit unions are insured by the National Credit Union Share Insurance Fund on the same terms that deposits in national and state banks are insured by the Federal Deposit Insurance Corporation (FDIC).

credit union

A nonprofit organization in which qualified persons may make deposits and obtain loans. Formerly, membership was strictly defined so as to limit it to persons in a particular industry or trade organization, but those rules are now largely obsolete. Bankers believe that credit unions enjoy an unfair advantage in the marketplace by virtue of paying no income taxes as a result of their nonprofit status.The lack of any income tax expenses allows the credit unions to offer somewhat higher rates on deposits and somewhat lower rates on loans.

References in periodicals archive ?
PHOTO (Color) Linda Hannick, president of Marquardt Federal Credit Union in Van Nuys.
Employees Federal Credit Union, which later changed its name to Rockwell Federal Credit Union (RFCU).
Established in 1935, TopLine Federal Credit Union is headquartered in Maple Grove, Minnesota, and is the state's 11th largest credit union with more than $240 million in assets.
The question in the case is the interpretation of the Federal Credit Union Act, which required most credit unions to limit their membership to ``groups having a common bond of occupation or association'' or to groups within a particular community.
I hope that any federal credit union that wishes to do a payday loan program has sought appropriate legal advice concerning Regulation Z.
Bill Combs, vice president, lending and administration, of Orange County Federal Credit Union said: "EMB Mortgage combines their interactive mortgage banking software, M.
Friday announced that it has signed a contract with Orange County Federal Credit Union, which has its headquarters in Santa Ana.
American Airlines Federal Credit Union (AAFCU) celebrates its 65th anniversary this year and manages more than $3 billion.
Mills has been President/CEO since 1985 and currently serves as the Chair of the National Association of Federal Credit Unions (NAFCU).
based United Nations Federal Credit Union (UNFCU), a cooperative financial institution serving the staff members, families and retirees of the United Nations and its specialized agencies around the world, has successfully installed QuestSoft's Instant Geocoder(TM) and HMDA RELIEF software to verify HMDA compliance.
California has about 540 federal credit unions, according to the California Credit Union League in Pomona.
Central Credit Union's board, chairman of the NCUA Central Liquidity Facility Interface Committee, a member of the Association of Corporate Credit Unions' (ACCU) Legislative/Regulatory Committee and a member of the National Association of Federal Credit Unions Legislative Committee.

Full browser ?