Articles
History of Credit Unions
Foundation formed in England
The first credit union originated in 1844, when a group of weavers in Rochdale, England, established the Rochdale Society of Equitable Pioneers. By selling shares to members, they were able to raise capital to buy goods in bulk to get lower prices than retail. They then sold these goods at a savings to the members. Read the Rest of this Article
What is a Credit Union
Federal credit unions are cooperative, not-for-profit financial institutions. Credit unions are formed by an organized group of people that share a common bond, which can be people with a common employer, or people living in the same community.
Credit unions are owned and controlled by its members, which are also its customers. Members pool their assets together to provide loans and other financial services to each other. Unlike banks, which are owned by outside shareholders and are for-profit, credit union members are paid dividends if there is any excess profit. Read the Rest of this Article