National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.
Credit Union Location in Iowa
Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services.
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Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. 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. 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. 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. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union.