The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit union services are available only to its shareholders. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Corporate alliances are intermediaries between credit unions and financial markets.
Credit Union Location in Minnesota
Credit union services are available only to its shareholders. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.
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First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. In the UK, credit unions are a source of financing of people groups. This tool is not widely used.