In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
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. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.
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Credit unions also differ from the traditional consumer cooperatives. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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.