Profile America: Credit Where It Is Due

Tuesday, June 27 —┬áConsumers’ options for managing their finances were greatly broadened this week in 1934, after President Roosevelt signed the Federal Credit Union Act the day before, promoting the nationwide formation of credit unions.

 

Credit unions differ from banks by being member-owned and controlled. Credit unions are nonprofit institutions where groups of people can save, borrow and obtain other financial services. There are 18,450 credit unions in the U. S., employing more than a quarter-million people. These establishments range from a small cooperative for a single church or factory, to those that serve giant corporations. By contrast, there are more than 93,000 commercial banking establishments in America’s $3.6 trillion finance and insurance sector of the economy.

 

You can find more facts about America from the U.S. Census Bureau online here.

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