Credit union

credit unionscaisse populairefederal credit unioncaisses populairesfinancial cooperativeSACCOcredit cooperativeCredit SocietyIIFCCaisse
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.wikipedia
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Corporate credit union

"Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individuals, as distinguished from "corporate credit unions", which serve other credit unions.
A corporate credit union, also known as a central credit union, provides services to natural person (consumer) credit unions.

Transaction account

checkingchecking accountchecking accounts
Typical services include share accounts (savings accounts), share draft accounts (checking accounts), credit cards, share term certificates (certificates of deposit), and online banking.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution.

Credit

consumer creditconsumer lendingconsumer loan
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
The term came "from Middle French crédit (15c.) "belief, trust," from Italian credito, from Latin creditum "a loan, thing entrusted to another," from past participle of credere "to trust, entrust, believe".The commercial meaning of "credit" "was the original one in English (creditor is [from] mid-15c.)" The derivative expression "credit union" was first used in 1881 in American English; the expression "credit rating" was first used in 1958.

Certificate of deposit

certificates of depositcertificatesCDs
Typical services include share accounts (savings accounts), share draft accounts (checking accounts), credit cards, share term certificates (certificates of deposit), and online banking.
A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions.

Cooperative

co-operativeco-opcooperatives
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
Since 2002, ICA cooperatives and WOCCU credit unions could be distinguished by use of a .coop domain.

Financial crisis of 2007–08

financial crisis of 2007–2008global financial crisis2008 financial crisis
Credit unions in the US had one-fifth the failure rate of other banks during the financial crisis of 2007–2008 and 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.
Similarly, credit unions in the US had five times lower failure rate than other banks during the crisis and increased their lending to small- and medium-sized businesses while overall lending to those businesses decreased.

World Council of Credit Unions

International Credit Union DayWOCCU
According to the World Council of Credit Unions (WOCCU), a credit union's revenues (from loans and investments) must exceed its operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency.
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.

Cooperative banking

cooperative bankcooperative banksco-operative banks
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.
Cooperative banking, as discussed here, includes retail banking carried out by credit unions, mutual savings banks, building societies and cooperatives, as well as commercial banking services provided by mutual organizations (such as cooperative federations) to cooperative businesses.

Microfinance

micro-financemicrofinancingmicro finance
In the context of financial inclusion, 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 institutions.
Over the past centuries, practical visionaries, from the Franciscan friars who founded the community-oriented pawnshops of the 15th century to the founders of the European credit union movement in the 19th century (such as Friedrich Wilhelm Raiffeisen) and the founders of the microcredit movement in the 1970s (such as Muhammad Yunus and Al Whittaker), have tested practices and built institutions designed to bring the kinds of opportunities and risk-management tools that financial services can provide to the doorsteps of poor people.

501(c) organization

501(c)(3)501(c)(4)501(c)
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 are tax-exempt under Section 501(c)(1).

Credit Union National Association

CUNACredit Union National Association (CUNA)Credit Union National of America
According to WOCCU, the countries with the greatest number of credit union members were the United States (101 million), India (20 million), Canada (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 (3.3 million).
The Credit Union National Association, commonly known as CUNA (pronounced "Cue-Nuh"), is a national trade association for both state- and federally chartered credit unions located in the United States.

Irish League of Credit Unions

Credit UnionIrelandIrish Credit Unions
According to WOCCU, the countries with the greatest number of credit union members were the United States (101 million), India (20 million), Canada (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 (3.3 million).
The Irish League of Credit Unions (ILCU) is a trade association for credit unions in Ireland.

Franz Hermann Schulze-Delitzsch

Hermann Schulze-DelitzschSchulze-DelitzschFr. Delitzsch
Modern credit union history dates from 1852, when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch in the Kingdom of Saxony into what are generally recognized as the first credit unions in the world.
He was responsible for the organizing of the world's first credit unions.

Federal Credit Union Act

Federal Credit Union Act of 1934Federal Credit Unions
Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501(c)(1).
This Act established the federal credit union system and created the Bureau of Federal Credit Unions, the predecessor to the National Credit Union Administration, to charter and oversee federal credit unions.

Bank

Bankingbankerbanking system
Credit unions differ from banks 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.
Some types of financial institution, such as building societies and credit unions, may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules.

Friedrich Wilhelm Raiffeisen

RaiffeisenF.W. RaiffeisenRaiffeisen cooperative
In 1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany.
Several credit union systems and cooperative banks have been named after Raiffeisen, who pioneered rural credit unions.

St. Mary's Bank

St. Mary's Cooperative Credit Association
In the United States, St. Mary's Bank Credit Union of Manchester, New Hampshire, was the first credit union.
St. Mary's Bank, the first credit union in the United States, was founded in 1908.

Desjardins Group

DesjardinsCaisse PopulaireMouvement Desjardins
Drawing extensively on European precedents, Desjardins developed a unique parish-based model for Quebec: the caisse populaire.
The Desjardins Group (Mouvement Desjardins) is a Canadian cooperative that is the largest federation of credit unions in North America.

Lévis, Quebec

LévisLevis, QuebecLevis
The first credit union in North America, the Caisse Populaire de Lévis in Quebec, Canada, began operations on January 23, 1901 with a 10-cent deposit.
In the late 19th and beginning of the 20th century, Alphonse Desjardins, pioneered the foundation of the credit union movement and founded the first caisse populaire in Lévis.

Eilenburg

Ileburg
Modern credit union history dates from 1852, when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch in the Kingdom of Saxony into what are generally recognized as the first credit unions in the world.
In 1850 the food association of Eilenburg ("Eilenburger Lebensmittelassociation") as the first food cooperative of Germany and "Darlehnskassenverein" as the first Credit union in Germany were founded.

Dividend

dividendsstock dividendcash dividend
According to the World Council of Credit Unions (WOCCU), a credit union's revenues (from loans and investments) must exceed its operating expenses and dividends (interest paid on deposits) in order to maintain capital and solvency.
For example, a credit union will pay a dividend to represent interest on a saver's deposit.

America's Credit Union Museum

America's Credit Union Museum now occupies the location of the home from which St. Mary's Bank Credit Union first operated.
America's Credit Union Museum is located in Manchester, New Hampshire, on the site of the first credit union founded in the United States.

Credit union service organization

CUSOcredit union service organizations
A credit union service organization (CUSO) is generally a for-profit subsidiary of one or more credit unions formed for this purpose.
Credit union service organizations (CUSOs) are corporate entities owned by federally chartered or federally insured, state chartered credit unions.

Reserve requirement

reserve requirementsreserve ratiocash reserve ratio
Credit unions and banks in most jurisdictions are legally required to maintain a reserve requirement of assets to liabilities.
In the United States, a reserve requirement (or liquidity ratio) is a minimum value, set by the Board of Governors of the Federal Reserve System, of the ratio of required reserves to a category of deposit liabilities (called the "Net Transaction Accounts" or "NTAs") owed by depository institutions to their customers (e.g., owed by commercial banks including U.S. branches of a foreign bank, savings and loan association, savings bank, credit union).

Federal Deposit Insurance Corporation

FDICFederal Deposit Insurance Corporation (FDIC)Federal Deposit Insurance Corp
In the United States, federal credit unions are chartered by and overseen by the National Credit Union Administration (NCUA), which also provides deposit insurance similar to the manner in which the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to banks.
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions.