Utah Credit Unions laws & compensation compliance analysis

Utah Credit Unions: What you need to know

A credit union is a cooperative association organized to promote thrift among its members and to create a mutual source of credit for them. In Utah, as elsewhere, credit unions have evolved into sophisticated financial institutions offering members a variety of services. Utah law generally restricts credit union membership to people with a “common bond,” such as the same occupation or association (UT Code Sec. 7-9-6 ), but also allows the expansion of membership to include residents of certain towns or counties where the credit union is located (UT Code Sec. 7-9-51et seq.).
For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!
Utah has detailed requirements for the formation of credit unions. Because of the complexity of these laws, an organization seeking to set up a credit union needs expert assistance. It is often easier to join an existing credit union than to start a new one.

Read more about Credit Unions

Related Topics

More on this topic:

Utah Credit Unions Resources

Type Title
White Papers Credit Union Memberships Can Save Employees Money
See all Credit Unions Resources