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. " Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit union services are available only to its shareholders. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. 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.
Credit Union Location in West Virginia
Credit union services are available only to its shareholders. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions.
Select your city for
In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision. The right to use the services of the credit union have only its members. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.