Credit Union Location in Iowa

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Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Credit union services are available only to its shareholders.

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Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.