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The right to use the services of the credit union have only its members. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Credit union as a consumer cooperative operates on the principles of equality of all its members.


Credit Union Location in Colorado

Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest.


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The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. To reduce the risk of default on loans members of the credit union shall the joint guarantee. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Unlike banks credit unions limit their activities to a closed circle of people. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. 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.