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 (Classify page.) |
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*[[Not-for-profit]] | *[[Not-for-profit]] | ||
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Revision as of 21:30, 22 October 2021
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.
