Common-Bond Doctrine Law and Legal Definition
Common-bond doctrine is a legal principle requiring the prospective members of a credit union to share a common employment. Therefore, any prospective members desiring to create a credit union must share some common connection. Common connection may include:
1.Occupation,
2.Association, and
3.Interest.
The common-bond requirement is not defined in any credit union statutes. However, it is a term of art employed with regard to the credit union industry. [Members Choice Credit Union v. Home Fed. S&L Ass'n, 2010 Ky. LEXIS 125 (Ky. May 20, 2010)].
