A "common bond" refers to the shared characteristic or connection that defines the eligible membership base of a particular credit union. It is essentially a set of criteria that individuals must meet in order to become members of a specific credit union.
The common bond can be defined in various ways, such as geographical location, occupation, employer, community, association, or other affiliations. For example:
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Geographical Common Bond: A credit union might restrict its membership to individuals living or working within a specific geographic...