To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. 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 unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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. 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.
Credit Union Location in Wisconsin
Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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. 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.
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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. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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. Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Unlike banks credit unions limit their activities to a closed circle of people. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members.