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. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. 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. 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. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others.
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On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative.
|St. Joseph Parish Credit Union, Rayne||
308 S Chevis St Rayne, LA 70578
Phone: (337) 393-2495
Routing number: 62564
Charter number: 265276491
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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively.