Credit union: Difference between revisions
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imported>Doug Williamson (Create the page. Source: PRA webpage http://www.bankofengland.co.uk/pra/Documents/authorisations/newfirmauths/alternativestobeingabank.pdf) |
imported>Doug Williamson (Add link.) |
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(CU). | |||
Credit unions are not-for-profit mutual organisations that are owned and controlled by their members. | Credit unions are not-for-profit mutual organisations that are owned and controlled by their members. | ||
They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer. | They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer. | ||
There are limitations to the extent of business they are authorised to undertake. | There are limitations to the extent of business they are authorised to undertake. | ||
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==See also== | ==See also== | ||
*[[Association of British Credit Unions Limited]] (ABCUL) | |||
*[[Bank]] | *[[Bank]] | ||
*[[Building society]] | *[[Building society]] | ||
*[[Community bank]] | |||
* [[Credit]] | |||
*[[Credit institution]] | *[[Credit institution]] | ||
*[[Mutual]] | *[[Mutual]] | ||
*[[Not-for-profit]] | *[[Not-for-profit]] | ||
[[Category:The_business_context]] | |||
[[Category:Financial_products_and_markets]] | |||
Latest revision as of 22:54, 5 March 2023
(CU).
Credit unions are not-for-profit mutual organisations that are owned and controlled by their members.
They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer.
There are limitations to the extent of business they are authorised to undertake.
A credit union requires authorisation, but the requirements are generally simpler than for a bank or building society.
