Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). 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. " 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.
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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. " 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. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union).
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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. " First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). 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.