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. " Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. To reduce the risk of default on loans members of the credit union shall the joint guarantee. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative.
Credit Union Location in Ferriday, Louisiana
Ferriday, Louisiana have 1 agent Credit Union location in your country. All country.
Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. To reduce the risk of default on loans members of the credit union shall the joint guarantee.
| Agent | Contacts |
|---|---|
| Concordia Parish School Employees Federal Credit Union, Ferriday |
109 Serio Blvd Ferriday, LA 71334
Phone: (318) 757-6171 Routing number: 17396 |
Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities. 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. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. Unlike banks credit unions limit their activities to a closed circle of people. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.
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