COMDTINST 5381.2
4.
RECOGNITION AND ASSISTANCE TO CREDIT UNIONS. Credit unions which are
organized by and for Coast Guard employees shall be recognized and assisted at all levels as
important morale and welfare resources. As cooperative associations, credit unions function
for the mutual benefit and self-help of their members, and improve a unit's morale and
welfare by:
a.
Promoting habits of thrift through saving;
b.
Granting loans for appropriate purposes at reasonable rates of interest, minimizing the
need for personnel to patronize lenders charging excessive interest rates; and
c.
Extending to members financial counseling on personal and family financial planning
problems, and the true costs of installment buying, contracts, and related matters.
5.
CREDIT UNION OPERATIONS WITHIN THE COAST GUARD. Credit unions organized
by and for Coast Guard personnel may be assisted with property and logistic support as
indicated in paragraphs 7 and 8 below, provided that their operating policies are consistent
with the following:
a.
Membership. The credit union must permit membership by all qualified military and
civilian personnel without discrimination on the basis of grade, rank, age, race, sex,
duty assignment, or any other prohibited basis.
b.
Lending. Insofar as may be consistent with established credit union practices, lending
policies should be as liberal as possible while preserving the financial integrity of the
credit union. Lending policies should assist youthful members in the lower pay grades
who wish to secure loans for appropriate purposes. However, care must be taken to
avoid saddling those members having limited incomes with dept that will be difficult
to repay.
c.
Counselling. Skilled counselling services should be made available without charge to
Coast Guard credit union members. The credit union should strive particularly to
counsel youthful, inexperienced members and young families who are endeavoring to
solve financial problems or develop household budgets.
d.
Savings. Members should be encouraged to participate in a regular savings plan.
Credit unions may, however, impose reasonable limitations on amounts accepted for
deposit at any one time or held in shares. Members who deposit savings or invest in
shares should be able to expect a reasonable dividend or return on savings.
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