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. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. The right to use the services of the credit union have only its members.
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Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.
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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 unions also differ from the traditional consumer cooperatives. 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 credit union compensation for use of the loan (interest) is a source of compensation for savings. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. 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. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.