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). Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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. 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 as a consumer cooperative operates on the principles of equality of all its members.
Credit Union Location in Rye Brook, New York
Rye Brook, New York have 1 agent Credit Union location in your country. All country.
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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.
| Agent | Contacts |
|---|---|
| Port Chester Teachers Federal Credit Union, Rye Brook |
14 Rye Ridge Plaza #150 Rye Brook, NY 10573
Phone: (914) 939-4870 Routing number: 09532 Charter number: 221981652 |
Like any financial institution, credit unions have the financial resources. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Corporate alliances are intermediaries between credit unions and financial markets.
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