First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. The right to use the services of the credit union have only its members. 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. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " 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 New Hampshire
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. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. The right to use the services of the credit union have only its members.
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Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. 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. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. In recent decades, many credit unions began to resort to such form of service as The main advantage of credit unions consists in transparency, controllability, governance for shareholders.