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Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The right to use the services of the credit union have only its members. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Like any financial institution, credit unions have the financial resources. The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter.


Credit Union Location in Colorado

The right to use the services of the credit union have only its members. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions.


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A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests.