Credit union

A credit union is a member-owned nonprofit cooperative

financial institution. They may offer financial services equivalent
to those of commercial banks, such as share accounts (savings
accounts), share draft accounts (cheque accounts), credit cards,
credit, share term certificates (certificates of deposit), and online
banking. Normally, only a member of a credit union may deposit
or borrow money.[1][2] In several African countries, credit unions
are commonly referred to as SACCOs (savings and credit co-
A branch of the Coastal Federal
operatives).[3] Credit Union in Raleigh, North
Carolina
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.[4] In 2018, the number of members in credit unions worldwide was 375
million, with over 100 million members having been added since 2016.[5]

Leading up to the financial crisis of 2007–2008, in 2006, 23.6% of mortgages from commercial banks
were subprime, compared to only 3.6% of those from credit unions, and banks were two and a half times
more likely to fail during the crisis.[6] 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.[7] In the US, public trust in credit unions
stands at 60%, compared to 30% for big banks.[8] Furthermore, small businesses are 80% more likely to
be satisfied by a credit union than with a big bank.[9]

"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.[10][11][12]

Differences from other financial institutions

Credit unions differ from banks and other financial institutions in that those who have accounts in the
credit union are its members and owners,[1] and they elect their board of directors in a one-person-one-
vote system, regardless of the amount they might have invested.[1] Credit unions see themselves as
different from mainstream banks, with a mission to be community-oriented and to "serve people, not
profit".[13][14][15]

Surveys of customers at banks and credit unions have consistently shown significantly higher customer
satisfaction rates with the quality of service at credit unions.[16][17] 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, 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.[18]
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.[19]

Not-for-profit status
In the credit union context, "not-for-profit" must be distinguished
from a charity.[20] Credit unions are "not-for-profit" because their
purpose is to serve their members rather than to maximize
Statue in Rača, Bratislava of
profits,[18][20] so unlike charities, credit unions do not rely on Samuel Jurkovič, founder of the first
donations and are financial institutions that must make what is, in cooperative, or credit union, in
economic terms, a small profit (i.e., in non-profit accounting Central Europe (Spolok Gazdovský)
terms, a "surplus") to remain in existence. [18][21] 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.[21]

In the United States, credit unions incorporated and operating under a state credit union law are tax-
exempt under Section 501(c)(14)(A).[22] Federal credit unions organized and operated in accordance with
the Federal Credit Union Act are tax-exempt under Section 501(c)(1).[23]

Global presence
According to the World Council of Credit Unions (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$2.19 trillion in
assets.[24] 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 reported 38 million
members in those four countries at the end of 2010.[25]

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 (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).[24]

The countries with the highest percentage of credit union members in the economically active population
were Barbados (82%),[26] 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%.[24] Credit unions were launched in Poland in 1992; as
of 2012 there were 2,000 credit union branches there with
2.2 million members.[27] 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.[28]: 70

History
"Spolok Gazdovský" (The Association of Administrators or The
Association of Farmers), founded in 1845 by Samuel Jurkovič, The directors of the Mulukanoor
was the first cooperative financial institution in Europe. The Women's Thrift Cooperative stand at
cooperative provided a cheap loan from funds generated by the entrance to their credit union in
regular savings for members of the cooperative. Members of the Karimnagar district, Telangana,
cooperative had to commit to a moral life and had to plant two India.
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.[29][30] Slovak national thinker 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!"[31]

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 went on to develop a highly Friedrich Wilhelm Raiffeisen
successful urban credit union system.[32] In 1864, Friedrich founded the first rural credit unions
Wilhelm Raiffeisen founded the first rural credit union in in Germany.
Heddesdorf (now part of Neuwied) in Germany.[32] By the time of
Raiffeisen's death in 1888, credit unions had spread to Italy,
France, the Netherlands, England, Austria, and other nations.[33]

The first credit union in North America, the Caisse Populaire de

Lévis in 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 Can$5,000 in interest on a loan of $150
from a moneylender. Drawing extensively on European A caisse populaire credit union in
precedents, Desjardins developed a unique parish-based model for Lévis, Quebec, c. 1920
Quebec: the caisse populaire.
In the United States, St. Mary's Bank Credit Union of Manchester, New Hampshire, was the first credit
union. Assisted by a personal visit from Desjardins, St. Mary's was founded by French-speaking
immigrants to Manchester from Quebec on 24 November 1908. Several Little Canadas throughout New
England formed similar credit unions, often out of necessity, as Anglo-American banks frequently
rejected Franco-American loans.[34] America's Credit Union Museum 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.[35] The St. Mary's
Bank Credit Union serves any resident of the Commonwealth of Massachusetts.[36]

After being promoted by the Catholic Church in the 1940s to assist the poor in 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 credit unions in the regions grew
rapidly throughout the 1970s and into the early 1980s. By 1988 COLAC credit unions represented four
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 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.[37]

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, many
jurisdictions have deposit insurance that promises to reimburse members for funds lost up to a certain
threshold, such as the National Credit Union Administration’s Share Insurance Fund or the Canada
Deposit Insurance Corporation.

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, the largest credit-union-owned interbank network
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.[38]

The Credit Union National Association (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.

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 (WOCCU) is both a trade association for credit unions worldwide
and a development agency. 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".[39]

EverythingCU.com is an online community of credit union professionals.[40]

Deposit insurance
In the United States, federal credit unions are chartered 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. 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. For example, in Ontario up to CA$250,000 of
eligible deposits in credit unions are insured by the Financial Services Regulatory Authority of
Ontario.[41] Federal credit unions, such as the UNI Financial Cooperation caisse in New Brunswick,[42]
are incorporated under federal charters and are members of the Canada Deposit Insurance
Corporation.[43]

See also
Banks portal

Bond of association
Consumers' cooperative
Cooperative banking
Capital market
Community federal credit union
Deposit account
Democratic member control (cooperatives)
History of credit unions
Humanomics
Labour Bank
Credit unions in Canada
Credit unions in the United Kingdom
Credit unions in the United States

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42. "Canada Deposit Insurance Corporation" (https://www.uni.ca/en/contenu.cfm?id=2490). UNI
Coopération financière. Retrieved September 7, 2017.
43. "Federal credit unions (FCUs)" (http://www.cdic.ca/en/about-di/federal-credit-union/Pages/d
efault.aspx). Canada Deposit Insurance Corporation. Retrieved September 7, 2017. "Once
continued federally, FCUs become members of CDIC. As such, eligible deposits placed with
an FCU enjoy CDIC deposit protection."

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.
F.W. Raiffeisen. 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.
ISBN 978-1-4259-7006-2

External links
Credit Union National Association (https://www.cuna.org/) – national trade association for
credit unions
World Council of Credit Unions (http://www.woccu.org/) – global trade association for credit
unions
Association of Asian Confederations of Credit Unions (https://aaccu.coop/) – regional
federation representing 21 national federations in Asia with 35 million retail members
National Credit Union Service Organization (http://ncuso.org/) – directory of all credit unions
in the U.S.
National Credit Union Foundation (http://www.ncuf.coop/) – charitable arm of credit union
industry

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