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The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. 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. Like any financial institution, credit unions have the financial resources. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. 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

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. Like any financial institution, credit unions have the financial resources. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services.


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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. 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. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Like any financial institution, credit unions have the financial resources. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. 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. In recent decades, many credit unions began to resort to such form of service as Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union).