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Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. 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. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee.


Credit Union Location in Oregon

Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.


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On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. 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. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. 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.). International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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. " Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).