Credit Union Location in Delaware
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. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
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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. 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. 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. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.