WHERE DID CREDIT UNIONS COME FROM?

In the midst of poverty during the mid-1800's in England, England's Mayor Friedrich Raiffeisen encouraged the 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 to the United States in the early 1900's.

According to the latest statistics available, as of the year 2012 there are over 55,000 credit unions worldwide, serving 200 million members in 101 countries. There are close to 7,000 credit unions in the United States alone according to Credit Union National Association (CUNA) 2013 statistics.

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