To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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 relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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. 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.
Credit Union Location in Louisiana
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit.
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Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The right to use the services of the credit union have only its members. 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. 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. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. 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. 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.