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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. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Like any financial institution, credit unions have the financial resources. 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. 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. " Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union.


Credit Union Location in Illinois

Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Like any financial institution, credit unions have the financial resources. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings.


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Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars 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. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds.