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. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. 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. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. 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. " In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Corporate alliances are intermediaries between credit unions and financial markets. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.
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Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative.
|U A P Employees Federal Credit Union, Forest||
200 Railroad Street Forest, OH 45843
Phone: (419) 273-1191
Routing number: 14967
Charter number: 241278675
Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. 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. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. 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.