X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Credit unions trace their roots to humble beginnings in 19th century Europe. Franz Hermann Schulze-Delitzsch, a lawyer, established the first credit unions in the 1850s in Germany to give those lacking access to financial services the opportunity to borrow from the savings pooled by themselves and their fellow members. Friedrich Wilhelm Raiffeisen transported the financial cooperative concept to rural Germany a decade later. The movement eventually spread to North America, where credit unions established themselves in Canada and the United States. The credit union movement in the United States included pioneers such as Edward Filene, Roy Bergengren, Louise McCarren Herring and Dora Maxwell, all of whom fought hard against big banks and government bureaucracy to bring financial services to those in need.

From the beginning, the credit union mission has been to provide banking to unserved populations, who historically had to seek out risky and expensive loans from hard money lenders or to rely on the generosity of friends and family. It is from this rich history that the founding members of The Fourth Corner Credit Union chose to apply for a credit union charter as the means of providing reliable, compliant and transparent banking services to the legalized cannabis industry and to supporters of this social movement, which is deeply grounded in the spirit of personal liberty.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.