Knowsome - A short course about Credit union | general knowledge, fun facts and trivia!

Microfinance, Dividend, Cooperative and more

Credit union

A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.

Cooperative

A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise".

Cooperative

since 2002, ica cooperatives and woccu credit unions could be distinguished by use of a .coop domain.

Corporate credit union

A corporate credit union, also known as a central credit union, provides services to natural person (consumer) credit unions.

Microfinance

Microfinance is a category of financial services targeted at individuals and small businesses who lack access to conventional banking and related services.

Microfinance

over the past centuries, practical visionaries, from the franciscan friars who founded the community-oriented pawnshops of the 15th century to the founders of the european credit union movement in the 19th century (such as friedrich wilhelm raiffeisen) and the founders of the microcredit movement in the 1970s (such as muhammad yunus and al whittaker), have tested practices and built institutions designed to bring the kinds of opportunities and risk-management tools that financial services can provide to the doorsteps of poor people.

Credit union

is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services

Friedrich Wilhelm Raiffeisen

Friedrich Wilhelm Raiffeisen (30 March 1818 – 11 March 1888) was a German mayor and cooperative pioneer.

Friedrich Wilhelm Raiffeisen

several credit union systems and cooperative banks have been named after raiffeisen, who pioneered rural credit unions.

Cooperative

is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise"

Dividend

A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits.

Dividend

for example, a credit union will pay a dividend to represent interest on a saver's deposit.

Corporate credit union

provides services to natural person (consumer) credit unions

Certificate of deposit

A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions.

Alphonse Desjardins (co-operator)

Gabriel-Alphonse Desjardins (November 5, 1854 – October 31, 1920), born in Lévis, Quebec, was the co-founder of the Caisses Populaires Desjardins (today Desjardins Group), a forerunner of North American credit unions and community banks.

Alphonse Desjardins (co-operator)

later renamed caisses populaires desjardins (and today desjardins group), the organization was a forerunner of current north american credit unions.

Microfinance

is a category of financial services targeted at individuals and small businesses who lack access to conventional banking and related services

Reserve requirement

The reserve requirement (or cash reserve ratio) is a central bank regulation employed by most, but not all, of the world's central banks, that sets the minimum amount of reserves that must be held by a commercial bank.

Reserve requirement

branches of a foreign bank, savings and loan association, savings bank, credit union).

Friedrich Wilhelm Raiffeisen

was a German mayor and cooperative pioneer

Desjardins Group

The Desjardins Group (French: Mouvement Desjardins) is a Canadian cooperative that is the largest federation of credit unions in North America.

National Credit Union Administration

The National Credit Union Administration (NCUA) is 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.

National Credit Union Administration

the ncusif experienced strain, and credit unions lobbied congress to recapitalize the fund.

Dividend

is a payment made by a corporation to its shareholders, usually as a distribution of profits

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions.

Certificate of deposit

is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions