Article 2. General of California Financial Code >> Division 5. >> Chapter 1. >> Article 2.
The use by any person, other than those authorized by this
division, of any name or title which contains the phrase "credit
union," is a misdemeanor. Nonprofit associations, which are formed
for the mutual benefit and protection of credit unions, by credit
unions organized under this division, or under the provisions of the
statutes of the United States applicable to credit unions or any
nonprofit association formed for the mutual benefit and protection of
credit union employees by bona fide employees of credit unions, may
use the phrase "credit union" in the name or title designating any
Any person who willfully and knowingly makes, circulates, or
transmits to another or others any statement or rumor, written,
printed or by word of mouth, which is untrue in facts and is directly
or by inference derogatory to the financial condition or affects the
solvency or financial standing of any credit union doing business in
this state, or who knowingly counsels, aids, procures, or induces
another to start, transmit, or circulate any such statement or rumor,
is guilty of a misdemeanor and shall be punished by a fine of not
more than one thousand dollars ($1,000) or by imprisonment for not
more than one year, or both.
In addition to the powers enumerated in this division, every
credit union has the general powers conferred upon corporations by
the Nonprofit Mutual Benefit Corporation Law of this state unless
restricted by this division.