A credit union is a member-owned financial institution organized to encourage savings and to provide loans with competitively low interest rates to members. In West Virginia, as elsewhere, credit unions have evolved into sophisticated financial institutions offering members a variety of services. West Virginia law restricts credit union membership to people with a “common bond,” such as the same occupation or association (WV Code Sec. 31-105).
West Virginia 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.