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A credit union, a type of
financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), state to act as a single entity (a legal entit ...
similar to a
commercial bank A commercial bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), s ...
, is a member-owned financial
cooperative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous The federal subject The federal subjects of Russia, also referred to as the subjects of the Russian Federation (russian: субъекты Российск ...
, controlled by its members and operated on a
not-for-profit A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that op ...
basis. Credit unions generally provide services to members similar to retail banks, including
deposit account A deposit account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the ...
s, provision of
credit px, Domestic credit to private sector in 2005 Credit (from Latin Latin (, or , ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken in the area around Rome, k ...
, 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 terms of 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 being added since 2016. Leading up to the
financial crisis of 2007–2008 The financial crisis of 2007–2008, or global financial crisis (GFC), was a severe worldwide economic crisis An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution and t ...
, commercial banks engaged in approximately five times more
subprime lending In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers and investors have money availabl ...
relative to credit unions and were two and a half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% less likely to be dissatisfied with a credit union than with a big bank. "Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individuals, as distinguished from "
corporate credit union A corporate credit union, also known as a central credit union, provides services to natural person (consumer) credit unions. In the credit union industry, they are sometimes referred to as "the credit union’s credit union". In the United States, ...
s", which serve other credit unions.


Differences from other financial institutions

Credit unions differ from
bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...

bank
s and other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in a one-person-one-vote system regardless of their amount invested. Credit unions see themselves as different from mainstream banks, with a mission to be "community-oriented" and "serve people, not profit". Credit unions offer many of the same financial services as banks but often use different terminology. Typical services include share accounts (
savings account A savings account is a at a . Common features include a limited number of withdrawals, a lack of cheque and linked facilities, limited transfer options, and the inability to be overdrawn. Traditionally, transactions on savings accounts were w ...
s), share draft accounts ( cheque accounts),
credit card #REDIRECT Credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the ...

credit card
s, share term certificates (
certificates of deposit A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, Savings and loan association, thrift institutions, and credit unions. CDs differ from Savings deposit, savings accounts in that the CD has a specific, fix ...

certificates of deposit
), and
online banking Online banking, also known as internet banking, web banking or home banking, is an electronic payment system An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for e-commerce, online t ...
. Normally, only a member of a credit union may deposit or
borrow Borrow or borrowing can mean: to receive (something) from somebody temporarily, expecting to wikt:return, return it. *In finance, monetary debt *In language, the use of loanwords *Carry (arithmetic), In arithmetic, when a digit becomes less than zer ...
money In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left corner">174x174px Money is any item or verifiable record that is generally a ...

money
. Surveys of customers at banks and credit unions have consistently shown significantly higher customer satisfaction rates with the quality of service at credit unions. Credit unions have historically claimed to provide superior member service and to be committed to helping members improve their financial situation. In the context of
financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. ...
, credit unions claim to provide a broader range of loan and savings products at a much cheaper cost to their members than do most
microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking A bank is a financial institution that accepts Deposit account, deposits from the public and creates a dem ...

microfinance
institutions. Credit unions differ from modern microfinance. Particularly, members' control over financial resources is the distinguishing feature between the cooperative model and modern microfinance. The current dominant model of microfinance, whether it is provided by not-for-profit or for-profit institutions, places the control over financial resources and their allocation in the hands of a small number of microfinance providers that benefit from the highly profitable sector.


Not-for-profit status

In the credit union context, "
not-for-profit A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that op ...
" must be distinguished from a charity. Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits, so unlike charities, credit unions do not rely on donations and are financial institutions that must make what is, in economic terms, a small
profit Profit may refer to: Business and law * Profit (accounting) Profit, in accounting Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entity, economic en ...
(i.e., in non-profit accounting terms, a "surplus") to remain in existence. According to the
World Council of Credit Unions The World Council of Credit Unions (World Council or WOCCU) is the leading international trade association and development agency for credit unions and cooperative financial institutions. World Council promotes the self-sustainable development of ...
(WOCCU), a credit union's
revenue In accounting Accounting or Accountancy is the measurement ' Measurement is the number, numerical quantification (science), quantification of the variable and attribute (research), attributes of an object or event, which can be used to comp ...
s (from loans and investments) must exceed its operating expenses and
dividend A dividend is a distribution of profit Profit may refer to: Business and law * Profit (accounting), the difference between the purchase price and the costs of bringing to market * Profit (economics), normal profit and economic profit * Profit ...

dividend
s (interest paid on deposits) in order to maintain capital and solvency. In the United States, credit unions incorporated and operating under a state credit union law are tax-exempt under Section 501(c)(14)(A). Federal credit unions organized and operated in accordance with the
Federal Credit Union Act The Federal Credit Union Act is an Act of Congress An Act of Congress is a statute enacted by United States Congress, Congress. Acts can affect only individual entities (called private laws), or the general public (public laws). For a Bill (law), ...
are tax-exempt under Section 501(c)(1).


Global presence

According to the
World Council of Credit Unions The World Council of Credit Unions (World Council or WOCCU) is the leading international trade association and development agency for credit unions and cooperative financial institutions. World Council promotes the self-sustainable development of ...
(WOCCU), at the end of 2018 there were 85,400 credit unions in 118 countries. Collectively they served 274.2 million members and oversaw
US$ The United States dollar (symbol A symbol is a mark, sign, or word In linguistics, a word of a spoken language can be defined as the smallest sequence of phonemes that can be uttered in isolation with semantic, objective or pragmatics, ...
2.19 trillion in assets. WOCCU does not include data from cooperative banks, so, for example, some countries generally seen as the pioneers of credit unionism, such as Germany, France, the Netherlands and Italy, are not always included in their data. The
European Association of Co-operative Banks The European Association of Co-operative Banks (EACB) (GEBC in French), is the leading trade association for the co-operative banking sector with 27 member institutions and co-operative banks located in 22 countries worldwide. As the representativ ...
reported 38 million members in those four countries at the end of 2010. The countries with the most credit union activity are highly diverse. According to WOCCU, the countries with the greatest number of credit union members were the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
(101 million), India (20 million),
Canada Canada is a country in the northern part of North America North America is a continent A continent is any of several large landmasses. Generally identified by convention (norm), convention rather than any strict criteria, ...
(10 million), Brazil (6.0 million), South Korea (5.7 million), Philippines (5.4 million), Kenya and Mexico (5.1 million each), Ecuador (4.8 million), Australia (4.5 million), Thailand (4.1 million), Colombia (3.6 million), and
Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic. It is separated from Great Britain to its east by the North Channel (Great Britain and Ireland), North Channel, the Irish Sea ...
(3.3 million). The countries with the highest percentage of credit union members in the economically active population were Barbados (82%), Ireland (75%), Grenada (72%), Trinidad & Tobago (68%), Belize and St. Lucia (67% each), St. Kitts & Nevis (58%), Jamaica (53% each), Antigua and Barbuda (49%), the United States (48%), Ecuador (47%), and Canada (43%). Several African and Latin American countries also had high credit union membership rates, as did Australia and South Korea. The average percentage for all countries considered in the report was 8.2%. Credit unions were launched in Poland in 1992; there were 2,000 credit union branches there with 2.2 million members. From 1996 to 2016, credit unions in Costa Rica almost tripled their share of the financial market (they grew from 3.7% of the market share to 9.9%), and grew faster than private-sector banks or state-owned banks in Costa Rica, after financial reforms in that country.


History

"Spolok Gazdovský" (''The Association of Administrators'' or ''The Association of Farmers'') founded in 1845 by Samuel Jurkovič, was the first cooperative in Europe (Credit union). The cooperative provided a cheap loan from funds generated by regular savings for members of the cooperative. Members of cooperative had to commit to a moral life and had to plant two trees in a public place every year. Despite the short duration of its existence, until 1851, it thus formed the basis of the cooperative movement in Slovakia. Slovak national thinker
Ľudovít Štúr Ľudovít Velislav Štúr (; hu, Stur Lajos; 28 October 1815 – 12 January 1856), known in his era as Ludevít Štúr, was a Slovakian revolutionary politician and writer. As a leader of the Slovak national revival in the 19th century, and th ...

Ľudovít Štúr
said about the association: "We would very much like such excellent constitutions to be established throughout our region. They would help to rescue people from evil and misery. A beautiful, great idea, a beautiful excellent constitution!" Modern credit union history dates from 1852, when
Franz Hermann Schulze-Delitzsch Franz Hermann Schulze-Delitzsch, also Hermann Schulze, (29 August 1808 – 29 April 1883) was a German politician A politician is a person active in party politics Politics (from , ) is the set of activities that are associated with makin ...
consolidated the learning from two pilot projects, one in
Eilenburg Eilenburg () is a town in Germany. It lies in the district of Nordsachsen in the Free State of Saxony, approximately 20 km northeast of the city of Leipzig Leipzig (, also , ; Upper Saxon: ) is the most populous city in the Germany, Ger ...

Eilenburg
and the other in
Delitzsch Delitzsch (; Slavic: ''delč'' or ''delcz'' for hill) is a town in the Free State of Saxony in Germany, 20 km north of Leipzig and 30 km east of Halle (Saale). With 24,850 inhabitants at the end of 2015, it is the largest town in the district of ...

Delitzsch
in the
Kingdom of Saxony The Kingdom of Saxony (german: Königreich Sachsen), lasting from 1806 to 1918, was an independent member of a number of historical confederacies in French period, Napoleonic through German Confederation, post-Napoleonic Germany. The kingdom was ...
into what are generally recognized as the first credit unions in the world. He went on to develop a highly successful urban credit union system. In 1864,
Friedrich Wilhelm Raiffeisen Friedrich Wilhelm Raiffeisen (30 March 1818 – 11 March 1888) was a German mayor and cooperative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common eco ...

Friedrich Wilhelm Raiffeisen
founded the first rural credit union in Heddesdorf (now part of
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 Koblenz (; french: Coblence ), spelled Coblenz befo ...

Neuwied
) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations. The first credit union in North America, the Caisse Populaire de in
Quebec ) , image_shield=Armoiries du Québec.svg , image_flag=Flag of Quebec.svg , coordinates= , AdmittanceDate=July 1, 1867 , AdmittanceOrder=1st, with New Brunswick ("Hope restored") , image_map = New Brunswick in Canada 2.svg , ...

Quebec
, Canada, began operations on 23 January 1901 with a 10-cent deposit. Founder Alphonse Desjardins, a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly C$5,000 in interest on a loan of $150 from a moneylender. Drawing extensively on European precedents, Desjardins developed a unique parish-based model for Quebec: the ''caisse populaire''. In the United States, St. Mary's Bank Credit Union of
Manchester, New Hampshire Manchester is a city in Hillsborough County in southern New Hampshire New Hampshire ( ) is a U.S. state, state in the New England region of the United States. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the ...
, was the first credit union. Assisted by a personal visit from Desjardins, St. Mary's was founded by
French-speaking French ( or ) is a Romance language The Romance languages (less commonly Latin languages, or Neo-Latin languages) are the modern languages that evolved from Vulgar Latin between the third and eighth centuries. They are a subgroup of t ...
immigrants Immigration is the international movement of people to a destination country A country is a distinct territorial body or political entity A polity is an identifiable political entity—any group of people who have a collective ident ...

immigrants
to Manchester from Quebec on 24 November 1908. Several Little Canadas throughout
New England New England is a region comprising six states in the Northeastern United States The Northeastern United States (also referred to as the American Northeast, the Northeast, and the East Coast) is a geographical region In geography ...

New England
formed similar credit unions, often out of necessity, as
Anglo-American Anglo-Americans are people who are English-speaking inhabitants of Anglo-America Anglo-America (also referred to as Anglo-Saxon America) most often refers to a region in the Americas The Americas (also collectively called America) is ...
banks frequently rejected
Franco-American Franco-American may refer to: *Franco-Americans French Americans or Franco-Americans (french: Franco-Américains), are Citizenship of the United States, citizens or United States nationality law, nationals of the United States who identify the ...
loans.
America's Credit Union Museum America's Credit Union Museum is located in Manchester, New Hampshire, on the site of the first credit union founded in the United States. The museum is housed at the original location for St. Mary's Bank, St. Mary's Cooperative Credit Association, ...
now occupies the location of the home from which St. Mary's Bank Credit Union first operated. In November 1910 the Woman's Educational and Industrial Union set up the Industrial Credit Union, modeled on the Desjardins credit unions it was the first non-faith-based community credit union serving all people in the greater Boston area. The oldest statewide credit union in the United States was established in 1913. The St. Mary's Bank Credit Union serves any resident of the
Commonwealth of Massachusetts Massachusetts (, ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England region of the United States. It borders on the Atlantic Ocean and Gulf of Maine to the east, Connecticut to the southwe ...
. After being promoted by the
Catholic Church The Catholic Church, also known as the Roman Catholic Church, is the largest Christian church, with 1.3 billion baptised Baptism (from the Greek language, Greek noun βάπτισμα ''báptisma'') is a Christians, Christian ...

Catholic Church
in the 1940s to assist the poor in
Latin America * ht, Amerik Latin, link=no * pt, América Latina, link=no , image = Latin America (orthographic projection).svg , area = , population = ( est.) , density = , ethnic_groups = , ethnic_groups_year = 2018 , ethnic ...

Latin America
, credit unions expanded rapidly during the 1950s and 1960s, especially in Bolivia, Costa Rica, the Dominican Republic, Honduras, and Peru. The Regional Confederation of Latin American Credit Unions (COLAC) was formed and with funding by the
Inter-American Development Bank The Inter-American Development Bank (IADB or IDB or BID) is the largest source of development financing for Latin America and the Caribbean The Caribbean (, ; es, Caribe; french: Caraïbes; ht, Karayib; also gcf, label= Antillean Creole, ...
credit unions in the regions grew rapidly throughout the 1970s and into the early 1980s. By 1988 COLAC credit unions represented 4 million members across 17 countries with a loan portfolio of circa US$0.5 billion. However, from the late 1970s onwards many Latin American credit unions struggled with inflation, stagnating membership, and serious loan recovery problems. In the 1980s donor agencies such as
USAID The United States Agency for International Development (USAID) is an independent agency A regulatory agency or regulatory authority, is a Public benefit corporation Public-benefit corporation is a term that has different meanings in differen ...

USAID
attempted to rehabilitate Latin American credit unions by providing technical assistance and focusing credit unions' efforts on mobilising deposits from the local population. In 1987, the regional financial crisis caused a run on credit unions. Significant withdrawals and high default rates caused liquidity problems for many credit unions in the region.


Stability and risks

Credit unions and banks in most jurisdictions are legally required to maintain a reserve requirement of assets to liabilities. If a credit union or traditional bank is unable to maintain positive cash flow and/or is forced to declare insolvency, its assets are distributed to creditors (including depositors) in order of seniority according to bankruptcy law. If the total deposits exceed the assets remaining after more senior creditors are paid, all depositors will lose some or all of their initial deposits. However, most jurisdictions have deposit insurance that promises to make depositors whole up to a maximum insurable account level. In the aftermath of the financial crisis of 2007–2008, there was a dramatic increase in the number of bank failures but not in the number of credit union failures, and in 2017, all depositors at failed credit unions were fully covered by deposit insurance, but depositors at a failed traditional bank were not covered by deposit insurance.


Corporate

Credit unions as such provide service only to individual consumers. ''Corporate credit unions'' (also known as ''central credit unions'' in Canada) provide service to credit unions, with operational support, funds clearing tasks, and product and service delivery.


Leagues and associations

Credit unions often form cooperatives among themselves to provide services to members. A credit union service organization (CUSO) is generally a for-profit subsidiary of one or more credit unions formed for this purpose. For example,
CO-OP Financial Services CO-OP Financial Services, formerly known as CO-OP Network and also known as CU Cooperative Systems, Inc., is a company that operates an interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer netwo ...
, the largest credit-union-owned
interbank network Interbank is a Peruvian provider of financial services. History Image:Banco Internacional del Peru.jpg, 250px, Interbank office in Arequipa In 1897, Elias Mujica opened an agency at Jiron de la Union in Lima's historical center under the name o ...
in the United States, provides an ATM network and shared branching services to credit unions. Other examples of cooperatives among credit unions include credit counselling services as well as insurance and investment services. State credit union leagues can partner with outside organizations to promote initiatives for credit unions or customers. For example, the Indiana Credit Union League sponsors an initiative called "Ignite", which is used to encourage innovation in the credit union industry, with the Filene Research Institute. The National Association of Federally-Insured Credit Unions (NAFCU) is a national trade association for all state and federally-chartered credit unions. Based outside of Washington, D.C., NAFCU's mission is to provide all credit unions with federal advocacy, compliance assistance, and education. The
World Council of Credit Unions The World Council of Credit Unions (World Council or WOCCU) is the leading international trade association and development agency for credit unions and cooperative financial institutions. World Council promotes the self-sustainable development of ...
(WOCCU) is both a
trade association A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry Industry may refer to: Economics * ...
for credit unions worldwide and a
development agency An aid agency, also known as development charity, is an organization dedicated to distributing aid In international relations, aid (also known as international aid, overseas aid, foreign aid, economic aid or foreign assistance) is – from th ...
. The WOCCU's mission is to "assist its members and potential members to organize, expand, improve and integrate credit unions and related institutions as effective instruments for the economic and social development of all people". The
Credit Union National Association The Credit Union National Association, commonly known as CUNA (pronounced "Cue-Nuh"), is a national trade association A trade association, also known as an industry trade group, business association, sector association or industry body, is an ...
(CUNA) is a national trade association for both state- and federally chartered credit unions located in the United States. The National Credit Union Foundation is the primary charitable arm of the United States' credit union movement and an affiliate of CUNA.


Deposit insurance

In the United States, federal credit unions are chartered and overseen by the
National Credit Union Administration The National Credit Union Administration (NCUA) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks an ...
(NCUA), which also provides deposit insurance similar to the manner in which the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losse ...
(FDIC) provides deposit insurance to banks. State-chartered credit unions are overseen by the state's financial regulatory agency and may, but are not required to, obtain deposit insurance. Because of problems with bank failures in the past, no state provides deposit insurance and as such there are two primary sources for depository insurance – the NCUA and American Share Insurance (ASI), a private insurer based in Ohio. In Canada, the majority of credit unions and ''caisses populaires'' are provincially incorporated and deposit insurance is provided by a provincial
Crown corporation A state-owned enterprise (SOE) or government-owned enterprise (GOE) is a business enterprise Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simp ...
. For example, in Ontario up to 250,000 of eligible deposits in credit unions are insured by the
Financial Services Regulatory Authority of Ontario The Financial Services Regulatory Authority of Ontario (FSRA; french: Autorité ontarienne de réglementation des services financiers) is a self-funding Crown agency (Ontario), Crown agency which acts as the financial regulation, financial regula ...
. Federal credit unions, such as the
UNI Financial Cooperation Caisse populaire acadienne ltée, operating as UNI Financial Cooperation (french: UNI Coopération financière), is a Francophone credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned fina ...

UNI Financial Cooperation
''caisse'' in New Brunswick, are incorporated under federal charters and are members of the
Canada Deposit Insurance Corporation The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation A state-owned enterprise (SOE) or government-owned enterprise (GOE) is a business enterprise Bu ...
.


See also

*
Bond of association The Bond of Association was a document created in 1584 by Francis Walsingham and William Cecil, 1st Baron Burghley, William Cecil after the failure of the Throckmorton Plot in 1583. Contents The document obliged all signatories to execute any per ...
*
Consumers' cooperative Raunds Co-operative Society Limited was a consumer co-operative society based in Raunds, Northamptonshire, founded in 1891 A consumers' co-operative is an enterprise owned by consumers and managed democratically which aims at fulfilling the needs ...
*
Cooperative banking Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—us ...
*
Capital market A capital market is a financial market A financial market is a market Market may refer to: *Market (economics) *Market economy *Marketplace, a physical marketplace or public market Geography *Märket, an island shared by Finland and Swed ...
* Community federal credit union *
Deposit account A deposit account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, carried o ...
* Democratic member control (cooperatives) *
History of credit unions Credit unions A credit union, a type of financial institution Financial institutions, otherwise known as banking institutions, are corporations that provide services as intermediaries of financial markets. Broadly speaking, there are three ma ...
* Humanomics * Labour Bank * Credit unions in Canada *
Credit unions in the United Kingdom Credit unions in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. ...
*
Credit unions in the United States Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become p ...


References


Further reading

* Ian MacPherson. ''Hands Around the Globe: A History of the International Credit Union Movement and the Role and Development of the World Council of Credit Unions, Inc.'' Horsdal & Schubart Publishers Ltd, 1999. * . ''The Credit Unions''. Trans. by Konrad Engelmann. The Raiffeisen Printing and Publishing Company, Neuwid on the Rhine, Germany, 1970. * Fountain, Wendell. ''The Credit Union World''. AuthorHouse, Bloomington, Indiana, 2007.


External links


Credit Union National Association
national trade association for credit unions
World Council of Credit Unions
global trade association for credit unions
Association of Asian Confederations of Credit Unions
regional federation representing 21 national federations in Asia with 35 million retail members
National Credit Union Service Organization
directory of all credit unions in the U.S.
National Credit Union Foundation
charitable arm of credit union industry {{Authority control Cooperative banking Social economy Community building Financial services