Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. 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 cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Credit Union Location in West Virginia
The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans.
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In recent decades, many credit unions began to resort to such form of service as Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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.