Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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.
Credit Union Location in Louisiana
Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union).
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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. 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. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.