Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. 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.
Credit Union Location in Virginia
Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). 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.
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To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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.