### Question
What is the definition of credit union?


### Answer
The definition of **credit union** is as follows in *22 U.S.C. § 5421*:

> 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**

