WHERE DID CREDIT UNIONS COME FROM?

In the midst of the poverty of mid-1800's, Englands Mayor Friedrich Raiffeisen encouraged his town's workers and weavers to pool their money and make loans to each other, rather than borrow from usurious money lenders. The concept spread to Canada and the United States in the early 1900's.

According to the latest statistics available, as of the year 2000 there were 36,512 credit unions, serving 108 Million Members in 91 Countries.

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