Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). 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.
Credit Union Location in Louisiana
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. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit.
Select your city for
The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Credit unions also differ from the traditional consumer cooperatives. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth.