[20220113]IF11713_金融服务简介：信用社.pdf

https:/crsreports.congress.gov Updated January 13, 2022Introduction to Financial Services: Credit UnionsBackground Credit unions are nonprofit financial cooperatives, meaning that these depository institutions are owned and operated entirely by their members. The concept of the modern credit union stems from small group cooperatives that emerged in financially underserved localities (dating as least as far back as U.S. colonial times) where residents pooled their funds and subsequently provided unsecured small-dollar loans to members. Following the Great Depression, Congress passed the Federal Credit Union Act of 1934 (FCU Act; 48 Stat. 1216) to create a class of federally chartered financial cooperative institutions for the purpose of “promoting thrift among its members and creating a source of credit for provident or productive purposes.” Modern retail (natural person) credit unions still hold member deposits, which are referred to as shares; the interest earned by members is referred to as dividends; and the shares are used to provide low-cost loans to members, other credit unions, and credit union organizations. Credit unions have various distinguishing traits from their prima