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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. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. 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.


Credit Union Location in Tennessee

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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.


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A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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.