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The first successful credit unions began in Germany under the leadership of cooperative pioneer Hermann Schulze-Delitzsch. These credit unions would be recognizable today, since they adhered to the basic aspects of the co-operative identity : that is, they were "based on the values of self-help, self-responsibility, democracy, equality, equity ...
He founded the first cooperative lending bank, in effect the first rural credit union in 1864. Motivated by the misery of the poor during the winter famine of 1846/47 he founded the “Verein für Selbstbeschaffung von Brod und Früchten” (Association for Self-procurement of Bread and Fruits). He bought flour with the help of private donations.
Hermann Schulze-Delitzsch (1808-1883) Friedrich Wilhelm Raiffeisen (1818-1888) Wilhelm Haas (1839-1913) In 1843, the first German cooperative bank was created by 50 inhabitants of Öhringen in the Kingdom of Württemberg, who named it the Öhringer Privatspar- und Leihkasse (“private savings and lending bank of Öhringen”) – it still exists as the Volksbank Hohenlohe [].
At the time of his death, there were in Germany alone 3,500 co-operative banking branches with more than $100,000,000 in deposits, while the system had been extended to Austria, Italy, Belgium and Russia. [2]
Hands Around the Globe: A History of the International Credit Union Movement and the Role and Development of the World Council of Credit Unions, Inc. Horsdal & Schubart Publishers Ltd, 1999. F.W. Raiffeisen. The Credit Unions. Trans. by Konrad Engelmann. The Raiffeisen Printing and Publishing Company, Neuwid on the Rhine, Germany, 1970.
Similar to a traditional bank, most credit unions offer 15- and 30-year mortgages, but you may also be able to get custom loan terms depending on your credit union. Personal Loans and Credit Cards
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The co-operative movement grew during the 1890s in response to the expansion of large corporate monopolies. The country's first credit unions were in Massachusetts while The Cooperative League of the United States of America, known today as the National Cooperative Business Association was organized in 1916 to promote cooperatives. [16]
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