### Question
How does the law define credit union?


### Answer
Under *22 U.S.C. § 5421*, **credit union** is defined as:

> 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. § 5421*
  - Heading: **CHAPTER 63-SUPPORT FOR EAST EUROPEAN DEMOCRACY (SEED) > SUBCHAPTER II-PRIVATE SECTOR DEVELOPMENT**

