Like any financial institution, credit unions have the financial resources. 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. " The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.
Credit Union Location in Kansas
The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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. "
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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. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. 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. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision.