USA location Credit union Illinois Lisle

In the United States as of 2005 credit unions have 86 million members which is 43% of the economically active population. U.S. credit unions are not-for-profit cooperative tax-exempt organizations. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union. Modern credit union history dates to 1852 when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects one in Eilenburg and the other in Delitzsch in Germany into what are generally recognized as the first credit unions in the world. Until the mid XX century credit unions in the United States had little assets that do not exceed as a rule 100 thousand dollars. Credit Union - a nonprofit financial institution that specializes in mutual financial assistance through the provision of savings and credit services to members. The largest corporate credit union in the United States is U.S. Central Credit Union of Lenexa Kansas which serves as a central clearing house for other corporate credit unions and holds approximately $45.3 billion in assets.