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"caisse pop" redirects here. For Caisse populaire Desjardins, the Quebec credit union, see .
This article has an unclear citation style. The references used may be made clearer with a different or consistent style of , , or . (July 2015) ()
A branch of the Coastal Federal Credit Union in Raleigh, North Carolina
A credit union is a member-owned
, democratically controlled by its members, and operated for the purpose of promoting thrift, providing
at competitive rates, and providing other financial services to its members.
Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion US dollars and hundreds of thousands of members. Credit unions operate alongside other
engaging in , such as .
"Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individual people, as distinguished from "," which serve other credit unions.
Credit unions differ from
and other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in a
regardless of their amount invested. Credit unions see themselves as different from mainstream , with a mission to be "community-oriented" and "serve people, not profit".
Credit unions offer many of the same financial services as banks, but often using a d common services include share accounts (), share draft accounts (), , share term certificates (), and . Normally, only a member of a credit union may
. Surveys of customers at banks and credit unions have consistently shown a significantly higher customer satisfaction rate with the quality of service at credit unions. Credit unions have historically claimed to provide superior member service and to be committed to helping members improve their financial situation. In the context of
credit unions claim to provide a broader range of loan and savings products at a much cheaper cost to their members than do most
institutions.
In the credit union context, "" is not the same as for a "" charity or similar organization. Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits. But, unlike charities and the like, credit unions do not rely on donations, and are financial institutions that must perforce make what is, in economic terms, a small
(i.e., in non-profit accounting terms, a "surplus") to remain in existence. According to the
(WOCCU), a credit union's
(from loans and investments) must exceed its operating expenses and
(interest paid on deposits) in order to maintain capital and solvency.
wrote in 1870 that credit unions "are, according to paragraph eleven of the German law of cooperatives, 'merchants' as defined by the common code of commerce. They accordingly form a sort of commercial business enterprise of which the owners are the Credit Unions' members".
In the , credit unions incorporated and operating under a state credit union law are tax-exempt under . Federal credit unions organized and operated in accordance with the
are tax-exempt under .
The directors of the Mulukanoor Women's Thrift Cooperative stand at the entrance to their credit union in
district, ,
According to the World Council, at the end of 2014 there were 57,480 credit unions in 105 countries. Collectively they served 217.4 million members and oversaw 1.79 trillion in assets. The World Council does not include data from , so, for example, some countries generally seen as the pioneers of credit unionism, such as , , the
and , are not always included in their data. The
reported 38 million members in those four countries at the end of 2010.
The countries with the most credit union activity are highly diverse. According to the World Council, the countries with the greatest number of credit union members were the
(101 million), India (20 million),
(10 million), Brazil (6.0 million), South Korea (5.7 million), Philippines (5.4 million), Kenya and Mexico (5.1 million each), Ecuador (4.8 million), Australia (4.5 million), Thailand (4.1 million), Colombia (3.6 million) and
(3.3 million).
The countries with the highest percentage of credit union members in the economically active population were Barbados (82%), Ireland (75%), Grenada (72%), Trinidad & Tobago (68%), Belize and St. Lucia (67% each), St. Kitts & Nevis (58%), Jamaica (53% each), Antigua and Barbuda (49%), the United States (48%), Ecuador (47%) and Canada (43%). Several African and Latin American countries also had high credit union membership rates, as did Australia and South Korea. The average percentage for all countries considered in the report was 8.2%
Credit unions were launched in Poland in 1992; as of 2012 there were 2,000 credit union branches there with 2.2 million members.
founded the first rural credit unions in Germany
credit union in , Quebec, circa 1920
Main article:
Modern credit union history dates from 1852, when
consolidated the learning from two pilot projects, one in
and the other in
into what are generally recognized as the first credit unions in the world. He went on to develop a highly successful urban credit union system. In 1864
founded the first rural credit union in Heddesdorf (now part of ) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations.
The first credit union in North America, the Caisse Populaire de
in , Canada, began operations on January 23, 1901 with a 10-cent deposit. Founder , a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly 5,000 in interest on a loan of $150 from a moneylender. Drawing extensively on European precedents, Desjardins developed a unique parish-based model for Quebec: the .[]
In the United States,
Credit Union of
was the first credit union. Assisted by a personal visit from Desjardins, St. Mary's was founded by
to Manchester from Quebec on November 24, 1908.
now occupies the location of the home from which
Credit Union first operated.[] On November 1910 the Woman's Educational and Industrial Union set up the Industrial Credit Union, modelled on the Desjardins credit unions it was the first non-faith-based community credit union serving all people in the greater Boston area. The oldest statewide credit union in the US was established in 1913. The
Credit Union serves any resident of the .
After being promoted by the
in the 1940s to assist the poor in , credit unions expanded rapidly during the 1950s and 1960s, especially in Bolivia, Costa Rica, the Dominican Republic, Honduras and Peru. The Regional Confederation of Latin American Credit Unions (COLAC) was formed and with funding by the
credit unions in the regions grew rapidly throughout the 1970s and into the early 1980s. In 1988 COLAC credit unions represented 4 million members across 17 countries with a loan portfolio of circa half a billion US dollars. However, from the late 1970s onwards many Latin American credit unions struggled with inflation, stagnating membership and serious loan recovery problems. In the 1980s donor agencies such as
attempted to rehabilitate Latin American credit unions by providing technical assistance and focusing credit unions' efforts on mobilising deposits from the local population. In 1987 the
caused a run on credit unions. Significant withdrawals and high default rates caused liquidity problems for many credit unions in the region.
Credit unions must make enough surplus to cover expenses, otherwise, like any other business, they cannot continue, in which case they can become insolven the effect on those with funds deposited varies between jurisdictions.
Several factors combine to put credit unions at risk of failure. They may not be allowed to lend enough money to enough people who are willing and able to repay because of their rules on responsible lending. When debtors get into trouble, they will often repay liabilities such as
with high interest rates first, leaving the credit unions until last. In some cases courts may, after ruling against debtors, leniently allow them to pay off their debts with very small payments, sometimes free of interest, over a long period.
Main article:
Credit unions as such provide service only to individual consumers. Corporate credit unions (also known as central credit unions in Canada) provide service to credit unions, with operational support, funds clearing tasks, and product and service delivery.
Credit unions often form cooperatives among themselves to provide services to members. A
(CUSO) is generally a for-profit subsidiary of one or more credit unions formed for this purpose. For example, , the largest credit union owned
in the US, provides an ATM network and shared branching services to credit unions. Other examples of cooperatives among credit unions include credit counseling services as well as insurance and investment services.[]
State credit union leagues can partner with outside organizations to promote initiatives for credit unions or customers. For example, the Indiana Credit Union League sponsors an initiative called "Ignite", which is used to encourage innovation in the credit union industry, with the Filene Research Institute.
The World Council of Credit Unions (WOCCU) is both a
for credit unions worldwide and a . The WOCCU's mission is to "assist its members and potential members to organize, expand, improve and integrate credit unions and related institutions as effective instruments for the economic and social development of all people".
The , commonly known as CUNA, is a national trade association for both state- and federally chartered credit unions located in the United States. The
is the primary charitable arm of the United States' credit union movement and an affiliate of CUNA.
In the United States, Federal credit unions are chartered by and overseen by the
(NCUA), which also provides deposit insurance similar to the manner in which the
(FDIC) provides deposit insurance to banks. State-Chartered credit unions are overseen by the state's financial regulation agency and may, but are not required to, obtain deposit insurance. Because of problems with bank failures in the past, no state provides deposit insurance and as such there are two primary sources for depository insurance – the NCUA and
(ASI), a private insurer based in Ohio.
In Canada, most credit unions are provincially incorporated and regulated, with deposit insurance provided by a provincial Crown corporation. For example, in Ontario, up to $100,000 of coverage is provided through the .
(PDF). . Archived from
; Steven M. Sheffrin (2003). . Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. p. 511.  .
*Frank J. Fabozzi & Mark B. Wickard, Credit Union Investment Management (1997), pp. 64-65.
Wendell Cochran, , NBC News (December 21, 2010).
(September 24, 2010).
. Credit Union National Association.
January 15, 2012, at the .
. MSN Money. Archived from
Allred, Anthony T. & Adams, H. Lon (2000). . Managing Service Quality. 10 (1).
Allred, Anthony T. (2001). . International Journal of Bank Marketing. 19.
. woccu.org.
"Not-for-profit", noun, Oxford English Dictionary (2008)
. Woccu.org.
F.W. Raiffeisen. The Credit Unions. Trans. by Konrad Engelmann. The Raiffeisen Printing and Publishing Company, Neuwid on the Rhine, Germany, 1970.
. Internal Revenue Manual. Internal Revenue Service 2015.
. Publication 557: Tax-exempt Status and Your Organization. Internal Revenue Service. February .
. woccu.org.
. Eurocoopbanks.coop.
Percival, Geoff (March 19, 2012). . Irish Examiner.
from the original on April 12, 2012.
Diekmann, Frank J. (July 2, 2012). "Poland's CUs: From Zero To Mature In Just 20 Yrs". Credit Union Journal. pp. 1, 22.
J. Carroll Moody & . The Credit Union Movement: Origins and Development 1850 to 1980. Kendall/Hunt Publishing Co., Dubuque, Iowa, 1984
Singh, S. K. (2009). . Discovery Publishing House. p. 199 2014.
Bernd Balkenhol (1999). . Upper Saddle River, New Jersey 07458: International Labour Organization. pp. 45–47.  .
. The Guardian newspaper. 11 May .
. Bank Credit News.
. Hands Around the Globe: A History of the International Credit Union Movement and the Role and Development of the World Council of Credit Unions, Inc. Horsdal & Schubart Publishers Ltd, 1999.
. The Credit Unions. Trans. by Konrad Engelmann. The Raiffeisen Printing and Publishing Company, Neuwid on the Rhine, Germany, 1970.
Fountain, Wendell. The Credit Union World. AuthorHouse, Bloomington, Indiana, 2007.
Wikimedia Commons has media related to .
national trade association for credit unions
global trade association for credit unions
regional federation representing 21 national federations in Asia with 35 million retail members
directory of all credit unions in the U.S.
charitable arm of credit union industry
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