Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. 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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.
Credit Union Location in Parlin, New Jersey
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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. 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.
| Agent | Contacts |
|---|---|
| Parlin Dupont Employees Federal Credit Union, Parlin |
774 Washington Road Parlin, NJ 08859
Phone: (732) 254-7573 Routing number: 02246 Charter number: 221277735 |
Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. 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. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.