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Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. Like any financial institution, credit unions have the financial resources. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, 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. 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. Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities.


Credit Union Location in Oregon

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. Like any financial institution, credit unions have the financial resources. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.


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Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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. 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.