credit union
Let an agent explain credit unions and how they differ from banks, relay governance, regulation and history from cooperative finance sources, describe national variants, and distinguish credit unions from cooperative banks, building societies, microfinance institutions and payday lenders, without giving personal financial advice.
Research draft, second pass
A second pass drafted this model: the structure a model of this thing needs, and what is known about it in the world. The line under this one says how the second half was obtained - researched against sources, or recalled without web access, in which case nothing here was read anywhere and every claim is a lead to verify. Unreviewed either way.
written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify
Researched by: Claude
Purpose and description
Let an agent explain credit unions and how they differ from banks, relay governance, regulation and history from cooperative finance sources, describe national variants, and distinguish credit unions from cooperative banks, building societies, microfinance institutions and payday lenders, without giving personal financial advice.
A member-owned financial cooperative that takes deposits and makes loans to its members, governed democratically on one member one vote, found worldwide in forms such as Spanish and Latin American cajas rurales, corporate credit unions that serve other credit unions, credit union service organisations that provide shared services, and specialised institutions such as feminist credit unions founded to serve women; credit unions are regulated as deposit-taking institutions and often serve a defined common bond.
What it is for: Member-owned savings and lending.
It can be explain the model; relay governance and regulation; describe national variants; distinguish related institutions.
Distinguishing features
Member ownership
One member one vote
Common bond
Not-for-profit
What it looks like
Not a visible object; a cooperative financial institution.
Physical character
credit unions worldwide: about 87000 count - WOCCU estimates
members worldwide: about 400 million
first credit unions: 1850s period - Germany, Raiffeisen and Schulze-Delitzsch
How it is recognised
Member-owned deposit and loan cooperative
Cajas rurales, corporate credit unions, credit union service organisations, feminist credit unions
Banks are shareholder-owned; building societies focus on mortgages; microfinance serves the unbanked
Related models
is a kind of - in registry terms
is a kind of - in registry terms
is contrasted with - owned by shareholders
is federated in - internationally
In practice
Families and kinds
community and occupational credit unions
cajas rurales and rural credit cooperatives
corporate credit unions
credit union service organisations
specialised credit unions such as feminist credit unions
national and international federations
Standards and regulation
National credit union laws and regulators such as the NCUA
Deposit insurance schemes
Cooperative principles of the International Co-operative Alliance
Failure modes and hazards
Agents giving personal financial advice
Confusing credit unions with banks or payday lenders
Registry aliases naming national and specialised forms
Also called
Where this came from
wikidata · CC0 1.0
Also registered as vr.tr.credit-union
Drafted structure
Bundle to layer to finding to question, as the second pass will find it: 4 bundles · 8 layers · 8 findings · 16 questions.
Understand What a credit union is.
Definition.
Definition
Definition.
Definition
Definition.
- What is a credit union, and how does it differ from a bank, building society, microfinance institution and payday lender? definition
- Is the question about the model, a variant or a personal financial decision the model does not advise on? boundary
Variants
Variants.
Variants
Variants.
- What are cajas rurales, corporate credit unions, credit union service organisations and feminist credit unions? definition
- Which entry fits the specific variant? action
Operate Governance and regulation.
Regulation.
Governance
Governance.
Governance
Governance.
- How are credit unions governed by members, boards and common bonds? provenance
- Which references are standard? provenance
Regulation
Regulation.
Regulation
Regulation.
- How are credit unions regulated and insured in the US, UK, Ireland, Canada and elsewhere? provenance
- Which sources are cited? provenance
Services Services and membership.
Application.
Services
Services.
Services
Services.
- What services do credit unions offer, and how do they compare in general terms? provenance
- Is the user asking for personal financial advice, which needs a qualified adviser? boundary
Joining
Membership.
Joining
Joining.
- How do people become members, and what is a common bond? provenance
- Which entry fits cooperative membership? action
Context History and movement.
Context.
History
History.
History
History.
- How did credit unions develop from Raiffeisen and Desjardins to today? provenance
- Which entry fits the history of cooperatives? action
Movement
Movement.
Movement
Movement.
- What role do national leagues and the World Council of Credit Unions play? provenance
- Which entry fits the World Council of Credit Unions? action
What the second pass must settle
- Should caja rural and corporate credit union be separate primary entries?
- How should cooperative finance sources be linked?
- The registry entry has merged aliases naming national and specialised forms; should they be split off?