The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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. 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. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
Credit Union Location in Brooks, Minnesota
Brooks, Minnesota have 1 agent Credit Union location in your country. All country.
Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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.
| Agent | Contacts |
|---|---|
| Brooks Community Federal Credit Union, Brooks |
200 Main Street Brooks, MN 56715
Phone: (218) 698-4220 Routing number: 05469 |
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. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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 difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. The right to use the services of the credit union have only its members.
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