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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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.


Credit Union Location in California

Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars


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National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. 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. Like any financial institution, credit unions have the financial resources. In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America.