Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests.
Credit Union Location in Washington
Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.
Select your city for
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. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. 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 economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests.