Economic Quarterly

Not your father's credit union.

Economic Quarterly | September 22, 2006 | Copyright

Proponents of the credit union industry have viewed credit unions as especially well-suited to making small-value, uncollateralized consumer loans since the time the first United States credit union was formed in 1909. At that time, other financial institutions such as banks and savings and loans were focused on alternative types of lending, specifically lending to businesses as well as to consumers with collateral. For consumers who lacked real estate or other simple-to-value collateral--in other words for unsecured borrowers--borrowing options were limited, at least for loans…

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Not your father's credit union.
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