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The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. In recent decades, many credit unions began to resort to such form of service as Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities.


Credit Union Location in Nebraska

Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. In recent decades, many credit unions began to resort to such form of service as Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties.


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To reduce the risk of default on loans members of the credit union shall the joint guarantee. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. 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 encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Corporate alliances are intermediaries between credit unions and financial markets. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). 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.