Money transfer agent locations

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 uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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 Union Location in Nebraska

The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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.


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First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. 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. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments. Credit union as a consumer cooperative operates on the principles of equality of all its members.