Credit union movement
The credit union movement began as a response to the financial needs of individuals and communities, promoting cooperative banking. Unlike traditional banks, credit unions are member-owned, not-for-profit organizations. Members pool their deposits to provide loans and financial services at lower rates. The movement emphasizes democratic control, where each member has an equal vote in decisions, regardless of their deposit size. This approach fosters community support and financial inclusion, aiming to provide accessible and affordable financial services while encouraging savings and responsible lending practices. Overall, credit unions prioritize people over profits, serving the needs of their members.
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The credit union movement began in the early 20th century as a response to the financial needs of individuals and communities. Credit unions are member-owned, not-for-profit financial cooperatives that provide savings accounts and loans, prioritizing members' interests over profits. They emphasize community support and financial education, often serving those who may be underserved by traditional banks. The movement promotes cooperative values, such as democracy and social responsibility, encouraging members to participate in decision-making. Today, credit unions offer a range of financial services while fostering a sense of community and helping members build financial stability.