Like any financial institution, credit unions have the financial resources. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. The right to use the services of the credit union have only its members. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.
Credit Union Location in Tennessee
At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders.
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To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. 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.