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GSB Co-operative Credit Union
GSB Co-operative Credit Union (previously known as GSB Clerks Co-operative Credit Union), one of the top ten credit unions in Jamaica, was founded in 1944 and registered in 1946. It is open to two groups: public-sector employees (and their families) and members of registered professional groups (and their families). Peter John O’Sullivan, a Society of Jesus, Jesuit priest who founded the Jamaica Co-operative Credit Union League and a number of credit unions) was instrumental in its development under its first president (D.V. Jerry Smith) and treasurer (S. Kellog Wilson). Wilson served briefly, and was succeeded in 1947 by Austin E. McClaren. Membership was first restricted to GSB clerks, excluding managers and executives of the bank and leading to a low influx of capital and a high demand for loans. Despite this, in 1950 GSB Clerks was the first credit union to accumulate £1,000 in deposits. In March 1948 its members amended the rules to include all civil servants, spouses, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Unions
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016. Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a half t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
