Are Payroll Deduction Changes Made?
Member Responsibility Notify Us If You… What Is The Credit Union? The Credit Union is a nonprofit financial cooperative owned and operated by its members. The members pool their savings to provide funds for loans and other services. This is done in accordance with the provisions of the Federal Credit Union Act passed by congress and signed into law by Franklin D. Roosevelt in 1934. The Lion Federal Credit Union was formed in August of 1936 at the request of employees and management of the Lion Oil Company. Today, the Credit Union serves a growing number of select employment groups in the El Dorado area. What Is The Purpose of the Credit Union? First – To promote thrift by enabling members to accumulate substantial sums of money by regular installment savings through convenient payroll deduction. Second – to provide a source of credit for loans with reasonable repayment terms and saving options such as credit life and credit disability insurance through a non profit co-op available on
