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The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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 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. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.


Credit Union Location in Mississippi

Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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. Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis.


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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 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 supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. 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.