Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. Corporate alliances are intermediaries between credit unions and financial markets.
Name | Contacts | Info |
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Tobacco Valley Teachers Federal Credit Union |
182 South Road Enfield, CT 06082 | Phone: (860) 253-4780 Routing number: 01077 Charter number: 211176969 |