Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Like any financial institution, credit unions have the financial resources. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
Credit Union Location in Virginia
Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens.
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First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. 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. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. Credit unions also differ from the traditional consumer cooperatives. To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.