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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.
Banking in theUnited States. Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. [1] [2] U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. [3] The clients of the credit unions become partners of the financial institution and their presence ...
Credit union service organizations (CUSOs) are United States corporate entities that are owned by federally insured credit unions and provide services to them. These are often used by credit unions to share common services between several credit unions to create economies of scale. The services are limited by regulation but include ...
Corporate credit unions are owned by the credit unions that choose to do business with them and provide short term ( federal funds) and long term investments (in government approved instruments). Corporate credit unions also provide financial settlement services through the clearing of payments (check clearing), ACH ( Automated Clearing House ...
The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions.
The first working credit union models sprang up in Germany in the 1850s and 1860s, and by the end of the 19th Century had taken root in much of Europe. They drew inspiration from cooperative successes in other sectors, such as retail and agricultural marketing (see history of the cooperative movement ).
Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members. Credit unions in the UK now offer a wide range of services to their members; including current accounts, payroll deductions, standing orders and insurance.
The Credit Union National Association, commonly known as CUNA (pronounced "Cue-Nuh"), is a national trade association for both state- and federally chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, regulatory advocacy, professional development, and ...