The Credit Union Movement: A History Of People Helping People. What Is A Credit Union?. Cooperative financial institution where people conduct financial transactions Members pool their assets to provide funds for loans and a variety of other financial services NOT a bank
Not for profit,
Not for charity,
But for service
World Council of Credit Unions
CUNA, Inc. CUNA Mutual
1st People’s Bank
Start of 1st credit union in North America
1st credit union organized in Manchester, New Hampshire
Credit Union National Association (CUNA) is formed
CUNA Mutual is formedCredit Union Timeline
CUNA creates World Extension Division (later CUNA International)
U.S. credit unions peak at 23,000+
World Council of Credit Unions formed
CUNA’s board adopt Renewal Project, changes governance structure
More than 89 million Americans are credit union members
All that remains today of the original Toad Lane in Rochdale---now a conservation area with the original Rochdale Pioneers' store as a museum.
Hermann Schulze-Delitzsch (1808-1883)
Edward A. Filene
Owned by members
Operated by mostly volunteer boards
Charge lower and fewer service fees
Pay higher saving rates
Charge lower loan rates
Other Financial Institutions
Owned by outside stockholders
Controlled by paid boards
Charge higher and more service fees
Pay lower saving rates
Charge higher loan ratesCredit Unions Vs. Other Financial Institutions
Did you know:
Credit unions were founded for humble reasons:
As times change, so do credit unions.
When new financial service needs surface, credit unions find ways to satisfy their members’ needs.
Credit unions remember their mission!
Common bond: Group sharing certain characteristics that set them apart from the general public and give them some common interest.
Cooperative: Business voluntarily owned and controlled by its members, and operated for and by them on a nonprofit or cost basis. It is organized and incorporated to engage in economic activities with certain ideals of democracy, social consciousness, and human relations.
Field of membership: Group of people who qualify as members of a credit union, limited by the law to those who have a common bond.