credit union legislation

Credit union legislation refers to laws that establish and regulate credit unions, which are member-owned financial cooperatives. These laws set standards for their formation, operation, and oversight, ensuring they operate safely and serve their members' interests. They typically include rules on membership eligibility, capital requirements, lending practices, and financial reporting. The legislation aims to promote financial stability, protect members’ deposits, and provide community-focused banking services. Overall, it creates a legal framework that enables credit unions to function effectively while maintaining trust and accountability within the financial system.