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To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law.


Credit Union Location in California

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California have 195 cities with Credit Union location in your country. All country.

The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate.


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Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers).