The credit union movement worldwide has a rich history. From their early origins, credit unions were unique depository institutions created not for profit, but to serve members as credit cooperatives. The earliest financial cooperatives date back to the beginning of the 19th century in England. However, in the mid-1800's Germany was the home of the first credit unions as we know them today:
- Democratically governed
- Each member having one vote
- Member-elected board of directors
- Volunteer based
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