Definition of credit union
: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (such as savings and checking accounts)
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Recent Examples of credit union from the Web
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An application must be filled out and returned to the credit union for consideration by May 1.
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Other options might be a credit union, a direct mortgage company, bank, or mortgage broker.
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Supporters say the legislation is aimed at helping community banks and credit unions that have struggled under a regulatory yoke that has forced them to pull back from lending and as a result harmed consumers, particularly in rural areas.
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Among the changes: All short-term lenders would have to operate under the Ohio Small Loan Act, and banks and credit unions could participate.
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Supporters say the legislation is aimed at helping community banks and credit unions that have struggled under a regulatory yoke that has forced them to pull back from lending and as a result harmed consumers, particularly in rural areas.
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The city realized $64 million in revenues from the sale of the medallions backed by the credit union, the lawsuit said.
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Lobbying groups for banks and credit unions, including the American Bankers Association and Financial Services Roundtable, argue that they are already required to follow rigorous data protection and breach notification practices.
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Thieves used a forklift to break out a wall at a credit union and try to carry away an ATM early Monday, Harris County Sheriff's Office deputies said.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'credit union.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of credit union
1843
Financial Definition of CREDIT UNION
credit union
What It Is
How It Works
The services offered by a credit union include a wide range of financial services, such as savings accounts, checking accounts, credit cards, certificates of deposit and online financial services.
A credit union’s fees, interest rates and levels of service are highly responsive to the needs of its members. Generally, they offer lower interest rates on loans and higher interest rates on savings accounts and certificates of deposit.
Credit unions may be formed among any group of members who have a common interest -- usually community groups or employees of a particular organization. The board members of the credit unions are usually volunteers. Credit unions are generally not-for-profit, so often profits are shared by members.
Why It Matters
Credit unions offer most of the same services as banks, but differ in that individual members are owners and there are generally less assets under management. Because credit unions are usually considerably smaller than banks, they are able to offer more personalized advisory services to their members and they may offer lower cost banking service.
Federal and most state-chartered credit unions in the United States are able to insure their members’ savings accounts through the National Credit Union Administration, a federal organization with the full faith and credit of the U.S. government.
Source: Investing Answers
CREDIT UNION Defined for English Language Learners
credit union
Definition of credit union for English Language Learners
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: an organization that gives small loans to its members at low interest rates and that offers savings and checking accounts
Law Dictionary
credit union
legal Definition of credit union
: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts)
Learn More about credit union
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Britannica.com: Encyclopedia article about credit union
Seen and Heard
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