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Show iwtfl n n fTi i TTT.L'UirJ. iLt'.U.KJl Global Groups ? 4- CJ Ol , Presently throughout the world there are more than 52,000 credit unions with over 33 million members. In the United States alone more than 20 million persons belong to over 23,000 credit unions. Canada has over 4,500 credit unions with more than 4 million members. In Utah 242,000 residents belong to 322 credit unions, with assets of nearly $200,000,000. Credit unions are organizations of people saving together and lending to each other at a low rate of inter- est, for good purposes. Encourage Thrift Credit unions encourage thrift and regular saving. Members have more than $16 billion in shares and deposits saved in their a credit union. There should be 100 or more people in the group. Credit unions lower interest rates on loans save members money, and thus give them more money to use for other things. It is estimated that credit union borrowers saved millions of dollars in interest last year alone! In a credit union all earnings over expenses and reserves required for safe operation under the law are returned to members. only members can be shareholders; only members may borrow. Consumer counseling is a common credit union Started in 1319 The credit union movement is more than 100 years old; the first credit union was organized in Germany in 1849, Credit unions spread throughout credit unions. Credit unions are chartered by either state or federal government- and operate under law and government supervision. Consumer services are a rapidly expanding part of credit union activity. Credit unions are democratic, they are run entirely by the members, Each member has one vote and only one vote, regardless of the amount of shares he has in the credit union. - before ' being North America brought in 1900 by Alphonse Europeto Alphonse Desjardins orgthe first credit union in Canada in Levis, Quebec, in 1900, and the first credit union in the U.S. in Manchester, New Hampshire, in 1909. anized Edward A. Filene, Boston merchant and philanthropist. was mainly responsible for the spread of credit unions throughout the U.S. and Canada. He spent a million dollars to promote the idea. Common Bond Any group with a common bond of assocation such as employment, church, club or residence d in the same geographic area can form well-define- Retires; Fete Set Dr. Harold H. Cutler, Utah Credit Union League treasurer and a director for 10 yecrs, has resigned to devote more time to personal affairs, said J. Paul White, League managing director. He will be honored at a dinner October 21 at 6:30 p.m. in the league head1706 building, Major St., Mr. White said. Monte M. Call, treasurer, Ogden Railway Employees Credit Union, will succeed Dr. Cutler as League treasurer. A new director will be appointed at a later quarters V credit union is a family affair. JL date. Dr. Cutler, who served two terms as league president, has been active in the credit union movement since he organized the University of Utah Credit Union in 1956. He also has served as a director of Credit Union National Association since 1963 andd was active on numerous national committees. Mr. Call, a league director since January, 1970, has served on its legislative committee, and formerly was an officer of the Area Credit Union Chapter. As part of the growing family, the Utah Central Credit Union was organized to provide service to Credit Unions in the state. a sense, we are a testing ground for innovations that will help other Credit Unions. In New Member CUNA One of our programs is to enlist all members of a family in the Credit Union movement. Dad and Mother know the value of Credit Unions, so why shouldn't their children become members? International, Inc., under its new name of the World Council of Credit Unions, 'to be formally adopted Jan. 1, 1971, was admitted this month to n membership in the Society for Cooperative Financing Development. J. Orrin Siiipe, managing director of CUNA International, was elected to the societys board of directors. Inter-america- Credit Unions Have $18 Billion Savings t Credit unions by the end of 1969 held a grand total of $18 billion in savings, according to estimates of the Credit Union National Association (CUNA). Of more than $17 billion belongs to members in North America. ' In the United States, credit union savings increased approximately $1.35 billion, for a 10.9 per. cent gain. Nervous about the economy and rising unemployment, members added about $270 million more to their savings than they did in 1968. Gap Narrows Nevertheless although the gap was narrowed, 1969 was the fourth consecutive year in which the growth of savings failed to equal the increase in loans outstanding. Certainly, more than a quarter of the savings gain resulted from dividends credited to individual share accounts. Ey contrast, in Canadian credit unions savings grew more rapidly than loans in 1969, partly due to savings accounts with secondary chequing. Regular savings alone did not cover the m- this-amoun- 4 1 -- t, crease in loans outstanding. The new tothl is $3.59 billion, higher by $294 million than the 1968 figure. ' Kates Increase In both the United States and Canada, the rates paid to savers continued to rise. of all In 1969, U.S credit unions paid returns of 5 per cent or higher; in Canada, 80 per cent of all credit unions did so. In Canada the use of deposits was one of the prime methods of obtaining capital. U.S. credit unions were beginning to follow this lead, using a variety of and deposit certificate plans. Elsewhere in the world, savings grew at rates exceeding 15 per cent. The $137.7 million of savings in Latin America and the million' in other $634.5 of the world are an parts increasingly important factor in the economies of emerging nations. In the 17 countries served by CUNAs Latin Of importance to all Credit Unions is our "Interlending Program." Should a Credit Union be in need of funds to meet requests for member shares or loans, we make these funds available at the most favorable rate of interest. WE TAKE GOOD CARE OF THE two-thir- ds American Region Office (LARO), savings increased by 23 percent to more than $74.6 million puj J&sUd reach $100 million in 1970. FRIENDLY Credit Unions have surpluses, they deposit or loan these funds to us and receive daily-rat-e interest paid monthly. If PEOPLE WHO TAKE SUCH GOOD co CARE OF YOUR CAR Credit Unions are people-oriente- d tions, and service is our business. .with helpful financial service . . . loans quick, and big returns on fow-co- j o 3 a. a UTAH CENTRAL CREDIT UNION UTAH ASSOCIATION of PETROLEUM DEALERS 1706 CREDIT UNION 1531 S. 2nd West mil organiza- CO pleasant. I ) : st savings. Maybe that's one of the reasons why your service station people are so i o rn f ii i i alt Lake City K o o n 9 i i Major Street o rr cu i $ ' i i ' i ' , t . |