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. 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. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. 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.
Credit Union Location in West Virginia
Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. 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.
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In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Corporate alliances are intermediaries between credit unions and financial markets.