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. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative.
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National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations.
|Sharon Credit Union, Sharon||
30 Pond Street Sharon, MA 02067
Phone: (781) 784-7725
Routing number: 67836
Charter number: 211385556
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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Credit union as a consumer cooperative operates on the principles of equality of all its members.