When you think of credit unions, what’s the first thing that pops into your mind? Maybe it’s the great deal you got on your auto loan or the great rate you earn with your savings. Maybe you think of your credit union’s strong ties with its community. All these things are hallmarks of the credit union experience. But your local credit union is also part of something much bigger. It’s a worldwide movement. You might be familiar with some of the things that make credit unions unique. They’re democratically controlled, not-for-profit financial cooperatives that are owned by their members. Instead of being driven by profits, credit unions are built on the philosophy of “people helping people” and focused on supporting their members’ financial well-being. It’s an idea that goes way back. In feudal Japan, lending cooperatives helped members pool money to access interest-free short-term loans. By the late 1800s, the earliest examples of modern-day credit unions were springing up across Europe. In both cities and rural communities, these cooperatives helped everyday people participate in a banking system for the first time.
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