### Question
How is the "credit union" defined?


### Answer
The term **credit union** is defined in *22 U.S.C. § 5426* as follows -

> a member-owned, nonprofit, cooperative depository institution—


(A) which is formed to permit individuals in the field of membership specified in such institution's charter to pool their savings, lend the savings to one another, and own the organization where they save, borrow, and obtain related financial services

#### Citation:
  - *22 U.S.C. § 5426*
  - Heading: **CHAPTER 63-SUPPORT FOR EAST EUROPEAN DEMOCRACY (SEED) > SUBCHAPTER II-PRIVATE SECTOR DEVELOPMENT**

