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History Of Credit Unions
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations must rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial services that banks could not: from professional, middle class and poorer people. Those that served poorer urban and rural communities became an important source of microfinance. The first working credit union models sprang up in Germany in the 1850s and 1860s, and by the end of the 19th Century had taken root in much of Europe. They drew inspiration from cooperative successes in other sectors, such as retail and agricultural marketing (see history of the cooperative movement). Similar institutions were independently developed somewhat earlier in Japan, in the early 19th century, by agrarian reformer and economist Ninomiya Sontoku. In this vill ... [...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] |
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] |
Grameen Bank
Grameen Bank ( bn, গ্রামীণ ব্যাংক) is a microfinance organisation and community development bank founded in Bangladesh. It makes small loans (known as microcredit or "grameencredit") to the impoverished without requiring collateral. Grameen Bank originated in 1976, in the work of Professor Muhammad Yunus at University of Chittagong, who launched a research project to study how to design a credit delivery system to provide banking services to the rural poor. In October 1983 the Grameen Bank was authorised by national legislation to operate as an independent bank. The bank grew significantly between 2003 and 2007. As of January 2011, the total borrowers of the bank number 8.4 million, and 97% of those are women. In 1998 the Bank's "Low-cost Housing Program" won a World Habitat Award. In 2006, the bank and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize. History Muhammad Yunus was inspired during the Bangladesh famine o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solidarity Lending
Solidarity lending is a lending practice where small groups borrow collectively and group members encourage one another to repay. It is an important building block of microfinance. Operations Solidarity lending takes place through 'solidarity groups'. These groups are a distinctive banking distribution channel used primarily to deliver microcredit to poor people. Solidarity lending lowers the costs to a financial institution related to assessing, managing and collecting loans, and can eliminate the need for collateral. Since there is a fixed cost associated with each loan delivered, a bank that bundles individual loans together and permits a group to manage individual relationships can realize substantial savings in administrative and management costs. In many developing countries the legal system offers little, if any support for the property rights of poor people. Laws related to secured transactions – a cornerstone of Western banking – may also be absent or unenforced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title (property)
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it (for example squatting). In many cases, possession and title may each be transferred independently of the other. For real property, land registration and recording provide public notice of ownership information. In United States law, evidence of title is typically established through title reports written up by title insurance companies, which show the history of title (prop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hernando De Soto (economist)
Hernando Soto Polar (commonly known Hernando de Soto ; born June 2, 1941) is a prominent Peruvian economist known for his work on the informal economy and on the importance of business and property rights. His work on the developing world has earned him praise worldwide by numerous heads of state, particularly for his publication ''The Mystery of Capital'' and ''The Other Path''. He is the current president of the Institute for Liberty and Democracy (ILD), a think tank devoted to promoting economic development in developing countries located in Lima, Peru.Institute for Liberty and Democracy, "Hernando de Soto – Detailed Bio". (accessed 16 March 2013) In Peru, de Soto's advisory has been recognized as inspiring the economic guidelines—incl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateral (finance)
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending agreement. The protection that collateral provides generally allows lenders to offer a lower interest rate on loans that have collateral. The reduction in interest rate can be up to several percentage points, depending on the type and value of the collateral. For example, the Annual Percentage Rate (APR) on an unsecured loan is often much higher than on a secured loan or logbook loan. If a borrower defaults on a loan (due to insolvency or another event), that borrower loses the property pledged as collateral, with the lender then becoming the owner of the property. In a typical mortgage loan transaction, for instance, the real estate being acq ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cashier
A retail cashier or simply a cashier is a person who handles the cash register at various locations such as the point of sale in a retail store. The most common use of the title is in the retail industry, but this job title is also used in the context of accountancy for the person responsible for receiving and disbursing money or within branch banking in the United Kingdom for the job known in the United States as a bank teller. Retail In a shop, a cashier (or checkout operator) is a person who scans the goods through a cash register that the customer wishes to purchase at the retail store. In most modern shops, the items are scanned by a barcode positioned on the item with the use of a laser scanner. After all of the goods have been scanned, the cashier then collects the payment (in cash, check and/or by credit/debit card) for the goods or services exchanged, records the amount received, makes change, and issues receipts or tickets to customers. Cashiers will record amounts r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Volunteering
Volunteering is a voluntary act of an individual or group wikt:gratis, freely giving time and labor for community service. Many volunteers are specifically trained in the areas they work, such as medicine, education, or emergency rescue. Others serve on an as-needed basis, such as in response to a natural disaster. Etymology and history The verb was first recorded in 1755. It was derived from the noun ''volunteer'', in 1600, "one who offers himself for military service," from the Middle French ''voluntaire''. In the non-military sense, the word was first recorded during the 1630s. The word ''volunteering'' has more recent usage—still predominantly military—coinciding with the phrase ''community service''. In a military context, a volunteer military, volunteer army is a military body whose soldiers chose to enter service, as opposed to having been conscripted. Such volunteers do not work "for free" and are given regular pay. 19th century During this time, America expe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Capital
Social capital is "the networks of relationships among people who live and work in a particular society, enabling that society to function effectively". It involves the effective functioning of social groups through interpersonal relationships, a shared sense of Identity (social science), identity, a shared understanding, shared Social norm, norms, shared Value (ethics), values, Trust (social sciences), trust, cooperation, and Reciprocity (social psychology), reciprocity. Social capital is a measure of the value of resources, both Tangibility, tangible (e.g., public spaces, private property) and intangible (e.g., Social actor, actors, human capital, people), and the impact that ideal creators have on the resources involved in each relationship, and on larger groups. Some have described it as a form of capital that produces Public good (economics), public goods for a common purpose, although this does not align with how it has been measured. Social capital has been used to expla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Serfdom
Serfdom was the status of many peasants under feudalism, specifically relating to manorialism, and similar systems. It was a condition of debt bondage and indentured servitude with similarities to and differences from slavery, which developed during the Late Antiquity and Early Middle Ages in Europe and lasted in some countries until the mid-19th century. Unlike slaves, serfs could not be bought, sold, or traded individually though they could, depending on the area, be sold together with land. The kholops in Russia, by contrast, could be traded like regular slaves, could be abused with no rights over their own bodies, could not leave the land they were bound to, and could marry only with their lord's permission. Serfs who occupied a plot of land were required to work for the lord of the manor who owned that land. In return, they were entitled to protection, justice, and the right to cultivate certain fields within the manor to maintain their own subsistence. Serfs were ofte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neuwied
Neuwied () is a town in the north of the German state of Rhineland-Palatinate, capital of the District of Neuwied. Neuwied lies on the east bank of the Rhine, 12 km northwest of Koblenz, on the railway from Frankfurt am Main to Cologne. The town has 13 suburban administrative districts: Heimbach-Weis, Gladbach, Engers, Oberbieber, Niederbieber, Torney, Segendorf, Altwied, Block, Irlich, Feldkirchen, Heddesdorf and Rodenbach. The largest is Heimbach-Weis, with approximately 8000 inhabitants. History Near Neuwied, one of the largest Roman ''castra'' on the Rhine has been excavated by archeologists. Caesar's Rhine bridges are believed to have been built nearby. Neuwied was founded in 1653 by Count Frederick III. of Wied, initially as a fortress on the site of the village of Langendorf, which had been destroyed in the Thirty Years' War (1618–1648). It was to serve as the new residence of the lower county, secure its only access to the Rhine and enable the small state, imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
