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. Like any financial institution, credit unions have the financial resources. Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. 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. 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. Corporate alliances are intermediaries between credit unions and financial markets.
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Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. 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. Like any financial institution, credit unions have the financial resources.
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Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. The right to use the services of the credit union have only its members. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. 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.