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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.
Credit Union Location in Texas
Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries.
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Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Credit union services are available only to its shareholders. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.