Credit union - Corporate credit unions

A credit union is a not-for-profit co-operative financial institution that is owned and controlled by its members, through the election of a volunteer Board of Directors elected from the membership itself. Only a member of a credit union may deposit money with the credit union, or borrow money from it. A credit union differs from a traditional financial institution (banks, savings and loan, etc.) in that the members who have accounts in the credit union are the credit union's owners. Since a credit union is a co-operative insti ...

Including:

• Credit union - Membership restrictions
• Credit union - Corporate credit unions
• Credit union - Credit unions in the United States
• Credit union - North American statistics

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St. Mary's Bank Credit Union holds the distinction as the first credit union established in the United States and is based in Manchester, NH. St. Mary's was founded by French-speaking immigrants to Manchester from the Maritime Provinces of Canada in 1908. Massachusetts was the first state to enact a credit union law. Department store magnate Edward Filene is credited as being the father of credit unions in the United States. Early credit unions were viewed as the “poor man’s bank” because they would extend credit to people who o ...

See also:

Credit union, Credit union - Membership restrictions, Credit union - Corporate credit unions, Credit union - Credit unions in the United States, Credit union - North American statistics

Read more here: » Credit union: Encyclopedia II - Credit union - Credit unions in the United States

Governmental regulatory agencies require that credit unions restrict their membership to defined segments of the population, such as people who live, work, worship, or attend school in a well-defined geographic area; employees of specific companies or trades; members of specific non-profit groups (alumni associations, conservation or other advocacy organizations, lodges, churches, or the like); or a particular occupational group (teachers, doctors, etc.) In the U.S., this is referred to as a credit union's "field of membersh ...

See also:

Credit union, Credit union - Membership restrictions, Credit union - Corporate credit unions, Credit union - Credit unions in the United States, Credit union - North American statistics

Read more here: » Credit union: Encyclopedia II - Credit union - Membership restrictions

Canada is the country with the highest per capita use of credit unions, with over a third of the population enrolled in one. They are concentrated in Quebec, where they are known as caisses populaires (people's bank), and on the Western prairies. In Canada, trade association memberships for credit unions is required. Canada has a 100% affiliation of its credit unions in their trade associations, referred to as credit union leagues. The United States has nearly 85 million credit union members, however less than 1 in 7 people who ...

See also:

Credit union, Credit union - Membership restrictions, Credit union - Corporate credit unions, Credit union - Credit unions in the United States, Credit union - North American statistics

Read more here: » Credit union: Encyclopedia II - Credit union - North American statistics

Governmental regulatory agencies require that credit unions restrict their membership to defined segments of the population, such as people who live, work, worship, or attend school in a well-defined geographic area, employees of specific companies or trades, members of specific non-profit groups (alumni associations, conservation or other advocacy organizations, lodges, churches, or the like) or a particular occupational group (teachers, doctors, etc.) In the U.S., this is referred to as a credit union's field of membership, ...

See also:

Credit union, Credit union - Membership restrictions, Credit union - Corporate credit unions, Credit union - Credit unions in the United States, Credit union - North American statistics

Read more here: » Credit union: Encyclopedia II - Credit union - Membership restrictions