To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. 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. 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 encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.
Credit Union Location in Maryland
Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds.
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Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.