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Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. 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 West Virginia

Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services.


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The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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. 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 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. " In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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.