Credit Union Development

A detailed Summary of Credit Union Development


A credit union is a member owned member controlled not-for-profit cooperative financial institution. Credit unions were formed to provide loans to its members at lower rates of interest than would be other wise available.

The first credit union was formed by a group of farmers in Belgium, 1848, during a period of severe economic depression. Townspeople pulled their money together to provide loans to each other. This cooperative approach helped farmers avoid paying the high rates being charged by "loan sharks". These loans enabled a farmer to buy the necessities to plant a crop or to help members buy coal in bulk at lower prices.

At the time of their origins the only financial assistance available was the local moneyl


The growth of credit unions across the U.S. was slow. Fewer than 10 states passed credit union laws. 1934 Congress passed the Federal Credit Union Act. This act set the basic structure, which governs credit unions today, examples:

A board of directors supervises management

Loans, which are primary investment for credit union, are made exclusively to members.

73 million members. The Credit Union National Association (CUNA)

is the national trade for credit unions. In addition, there are 50 state credit union leagues and leagues for the District of Columbia and Puerto Rico. The credit union movement is growing throughout the world, including third-world countries and Europe where people need assistance with setting up consumer finance system

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Approximate Word count = 509
Approximate Pages = 2 (250 words per page double spaced)

Category: Miscellaneous

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