Policy On Coast Guard Support Of Credit Unions

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Credit Union. A cooperative association organized in accordance with the provisions

of either reference (a) or applicable State law for the purpose of promoting thrift among

its members and creating a source of credit for provident or productive purposes.

Federal Credit Union. As used in this Instruction, means a credit union incorporated

under reference (a).

BACKGROUND. Reference (a) confers upon Federal credit unions the status of legal

entities having specific powers and restrictions, and subjects them to examination by the

National Credit Union Administration. Credit union membership is limited by law to groups

having a common bond of occupation, association, or residence. Federal credit unions are

private organizations not under the control of the Coast Guard. Credit unions are expected to

comply with the requirements of any applicable State or local laws governing their operation.