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.). In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.
Credit Union Location in Parchment, Michigan
Parchment, Michigan have 1 agent Credit Union location in your country. All country.
In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. The relationship between credit unions and shareholders arise from the membership and are not customer relationship.
| Agent | Contacts |
|---|---|
| First Community Federal Credit Union, Parchment |
550 S. Riverview Dr. Parchment, MI 49004
Phone: (269) 382-9845 Routing number: 02885 |
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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.