Credit Union

A credit union is a financial cooperative that is owned and controlled by its members. Credit unions provide a variety of financial services, including savings accounts, checking accounts, loans, and other services. Credit unions are typically not-for-profit organizations that are organized to serve their members. Credit unions are typically organized around a common bond, such as a place of employment, a religion, or a geographic area. Credit unions are regulated by the National Credit Union Administration (NCUA).

History of Credit Unions

The first credit union was founded in Germany in 1852 by Friedrich Wilhelm Raiffeisen. The concept of credit unions spread to the United States in the early 1900s, when Edward Filene, a Boston merchant, established the first American credit union. Filene’s credit union was based on the German model, and it was designed to provide financial services to the working class. Since then, credit unions have grown in popularity and are now found in many countries around the world.

Comparison of Credit Unions and Banks

Summary

Credit unions are financial cooperatives that are owned and controlled by their members. Credit unions provide a variety of financial services, including savings accounts, checking accounts, loans, and other services. Credit unions are typically not-for-profit organizations that are organized to serve their members. Credit unions are typically organized around a common bond, such as a place of employment, a religion, or a geographic area. For more information about credit unions, visit the National Credit Union Administration website or the Credit Union National Association website.

See Also

• Savings Account
• Checking Account
• Loan
• Financial Cooperative
• Not-for-profit Organization
• National Credit Union Administration
• Credit Union National Association
• Friedrich Wilhelm Raiffeisen
• Edward Filene
• Shareholder-owned

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