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. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit union services are available only to its shareholders. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Corporate alliances are intermediaries between credit unions and financial markets. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers).
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Credit union services are available only to its shareholders. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. In the UK, credit unions are a source of financing of people groups. This tool is not widely used.
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The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. 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. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). 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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings.