You can find CUs operating in the manner you outline in so far as they can under the banking regulations.  A CU must charge "Interest" on loans or be shut down.  A CU must pay "Interest" on deposits or be shut down.  How a Credit Union goes about charging and paying "Interest" depends on the political, economic, and social stances of the Board of Directors and the sneakiness of their legal team.  ;-)

Of course, when I was the President of a Credit Union we strictly followed the banking regulations and the rules and restrictions of Proper Banking Practice.

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