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The article focuses on credit union loans in unorganized money markets. In unorganized money markets, traditional interest constraints on credit union loans and dividends effectively negate the market equilibrating function of the nominal interest rate. This failure of the price mechanism is graphically illustrated and explored. A pricing system that would comply with traditional credit union practices and allow interest rates to remain flexible and responsive to market conditions is analyzed.

No part of the work of the President's Commission on Financial Structure and Regulation will be more important than that which deals with restrictions on the freedom of intermediaries to compete for deposit funds. [ABSTRACT FROM AUTHOR]

A conference paper is presented about the real estate mortgage market, particularly that the number of income property mortgages is increasing, savings and loan associations have become prominent in the market, which is fragmented because of location, and secondary financing has become more popular. It is noted that mortgage debt in the U.S. increased after World War II and expresses the belief that banks and insurance companies will stay in the income property mortgage market.

The article discusses large credit unions, or those defined as having assets in excess of $1 million. Various statistics are presented that serve to characterize the cohort. Data compiled as of June, 1954, for instance, indicate three-quarters of large credit unions are specific to a given industry. Aggregate financial data for large credit unions are presented for assets, loan size, shareholder distributions, etc. The author demonstrates the growing importance of such organizations to big business, while noting largeness seems to convey few economies of scale.

A number of abstracts are presented for articles pertaining to the field of marketing. They include "Measurement of Manufacturing Productivity Trends," "Marketing Research Reports of Department of Agriculture" and "Federal Credit Union Liquidations, 1935-1951."

The article reports on the growing popularity and dangers of consumer credit, specifically lower income families which become indebted. The business of the family has seen the growth of credit unions, personal loan departments in banks, and personal finance companies.The author states that selling on credit became a result of rising levels of production. The troubles of debt are described. Potential solutions include increased consumer education and improved regulation of the process by which credit is extended.

This present study has uncovered additional nonprice items that are relevant to the household demand for credit union shares. Factors such as convenience and image, while extremely hard to measure and capture statistically, prove to be important in the selection of an institution for the purpose of saving. In the case of the credit union, the members' image of that institution as a lender seems to strongly influence their choice among savings institutions. This characteristic has far-reaching implications for the management of credit unions, banks, and savings-and-loan associations. In the case of banks, the customers' experience with them in other markets helps form an image of the institution that may have a significant impact on their demand for time deposits. Casual observation seems to indicate that bankers realize this connection, at least with respect to their larger depositors. For savings-and-loan associations this connection may not be all that important since the customers' frequency of contact in other markets is not as great. Their ability to attract and hold savings may hinge mostly on the payment of high rates of return. As is the case with most statistical studies, this one concludes with the standard expression of the need for further investigation. The area that seems the most fruitful is a further disaggregated approach perhaps at the level of the individual saver. These data are expensive to acquire and extremely hard to coax from individuals. It may be contended that the type of savings analyzed here is of the small variety, and perhaps additional knowledge of it is not useful. Certainly the larger depositors will be more responsive to rates of return, but the smaller and more numerous depositors will continue to be strongly influenced by nonprice items. [ABSTRACT FROM AUTHOR]

This paper examines the operating efficiency of three types of financial intermediaries in the United States: (1) credit unions, (2) savings and loan associations, and (3) mutual savings banks during the past three decades. In particular, it examines by how much, if any, the operating efficiency of these intermediaries has been enhanced. [ABSTRACT FROM PUBLISHER]

The article presents information on a study that determines the factors influencing the growth of credit unions in Southern industry. The factors examined are number of employees, personnel specialization, unionization, and company structure. The influence that the four measurable factors may have upon the extent to which credit unions are used in twelve Southern industries is the subject of this study. Data for the study were drawn from a series of questionnaire surveys, made in 1958 and 1959, covering 390 plants in eleven Southern states. To evaluate the influence of each of these factors, the plants surveyed in each industry have been classified on the basis of these factors and the percentage of plants in each sub-group that report credit unions determined. Also, differences in extent of use of credit unions revealed in these tables have been tested by Chi-square to determine whether or not they are statistically significant. In addition, for each industry, the percentage of plants that use credit unions has been correlated with the associated measure of the particular factor under consideration. Finally, multiple and partial correlations have been employed to weigh the relative influence of each factor and to evaluate the combined impact.

This article presents information related to credit union legislation. One of the notorious deficiencies in the operation of ordinary usury laws is their failure adequately to protect the borrower of small sums. Low capitalization and the disproportionate expense of investigating the borrower's security forced the lenders on whom this class of borrowers depends to charge more than the legal rate of interest in order to realize a profit and once transgression occurred there was no hesitation in increasing rates to as much as the traffic would bear.

The article offers information on the cooperative movement in the Philippines. It reports that the idea of cooperation is closely attached with the social customs in the country and mentions the "bayani" and "pukut" cooperative systems of its rural population. It presents a chronology of events in the history of Philippines' cooperatives which include passing of Rural Credit Law in 1915 and enactment of the Cooperative Marketing Law in the 1927. It discusses various types of cooperatives including those of consumers, farmers, and the industrial cooperatives and mentions the requirement of cooperatives similar to credit unions. It also states several factors that are involved in the success and failure of the cooperatives in Philippines including close relationships among the members.

This article provides information on the group automobile insurance program for employees established by the Michigan Credit Union League. In December 1965, the board of directors of the credit union and its wholly owned subsidiary, League Life Insurance Company, authorized the development of a group automobile insurance program for League employees. The employer was to pay one dollar per week per participating employee toward the cost of automobile insurance under the program as a fringe benefit. The proposal submitted by the Community Service Insurance Company was ultimately chosen by the committee as most conforming to the desires of the group. One key feature of the plan was a provision for group rating. After extensive work in developing proposal by the committee in conjunction with officials of the insurer, a filing was submitted to the Michigan Insurance Bureau on July 29, 1966. Immediate approval of such a significant deviation from previously approved automobile insurance plans was not expected. After many delays, an attorney general's opinion was requested and he ruled on February 12, 1968 that the plan was legal. The plan was approved by the Michigan Insurance Bureau on July 17, 1968.

The article focuses on rural cooperative credit in China. It is reported that the Raiffeisen model of rural cooperative credits was first established in India in 1900, and in 1904 the Cooperative Credit Societies Act was adopted, providing government supervision and help. The analogy between the economic organization of India and China is almost identical. But, China has been denied a stable political organization, and cooperation there has taken root in spite of bad government, while in India the movement has not only had official protection but in the beginning actual financial assistance. It is reported that Chinese farmers have been subject to exploitation by corrupt officials and unscrupulous tradesmen. According to the author, to win their confidence it is necessary that they understand the real nature of cooperation before a society is formed. During the first year of operation, 1923, eight societies were organized but none was recognized. A large portion of the farmers have used cooperation as a means to free themselves from the high interest rates which their old debts were carrying.

Some uses of funds by savings institutions are evidently not regarded as "investment" uses, e.g., increases in their cash balances, and apparently also increased holdings of government bonds. The changes in cash holdings by life insurance companies, savings banks, and savings and loan associations are minute in relation to changes in the aggregate demand for gross national product. Again, when savings institutions change the composition of their asset holdings by markedly increasing their holdings of loans and private securities, the chief effect is on the structure and level of interest rates. It is confusing to call such a change in asset composition "an increase in investment." It is certainly not a direct addition to the aggregate demand for national product. It may, however, remove restraints on capital formation to the extent that interest rates become easier and to the extent that credit analysis becomes less. Two major weaknesses characterize the attempts that have been made during the past decade to use the Keynesian tools in explaining short-period fluctuations in total income, employment, and other aggressive variables, including the general levels of prices, interest rates, and wages. These weaknesses are: the use of static tools to explain dynamic phenomena and the concentration of attention upon aggregates and upon distressingly broad and vaguely defined index-number concepts with insufficient attention being paid to those interrelationships among components which may throw light on the behavior of these aggregates.

Discussed in this section were the papers 'Evaluating the performance of U.S credit unions,' by Harold O. Fried et al., 'Efficiency in the savings and loan industry,' by Loretta J. Mester, and 'The Efficiency of the Federal Reserve in providing check processing services,' by Paul W. Bauer and Diana Hancock, were presented. The research papers were considered to be state-of-the-art empirical papers. None, however, provided significant methodological advances. The limitations of the research studies were enumerated. Generic questions that should provide guidance to a reader trying to decide on the instructive value of the research papers were presented.

The credit unions in the U.S. were distinguished from other financial intermediaries. In this article, a performance evaluation of credit unions was conducted. The criteria respect the unique organizational and institutional features of credit unions, without losing sight of the fact that they must compete with other financial intermediaries. Nonparametric, nonstochastic techniques were used to measure performance, and parametric stochastic techniques were used to attribute performance variation to features of credit unions and their operating environment. The sample consists of two-thirds of all active credit unions in 1990.

The papers 'Evaluating the performance of U.S credit unions,' by Harold O. Fried et al., 'Efficiency in the savings and loan industry,' by Loretta J. Mester, and 'The Efficiency of the Federal Reserve in providing check processing services,' by Paul W. Bauer and Diana Hancock, were discussed in the article. The research papers were considered to be state-of-the-art empirical papers. None, however, provided significant methodological advances. The limitations of the research studies were enumerated. Generic questions that should provide guidance to a reader trying to decide on the instructive value of the research papers were presented.

Credit unions in the U.S. are also considered financial intermediaries. In this article, a performance evaluation of credit unions was conducted. The criteria respect the unique organizational and institutional features of credit unions, without losing sight of the fact that they must compete with other financial intermediaries. Nonparametric, nonstochastic techniques were used to measure performance, and parametric stochastic techniques were used to attribute performance variation to features of credit unions and their operating environment. The sample consists of two-thirds of all active credit unions in 1990.

Describes the limited-income credit unions (LICU) program and its role in providing consumer credit to the poor. Cost of providing consumer credit; Allocation of consumer credit; Questions suggested by the granting of LICU of consumer credit to low-income individuals.

The purpose of this paper is to explore the cost relationships within the typical large credit union. The larger credit unions, those with assets in excess of $1 000 000, were selected because of their unique situation. As the credit union grows, the behavior of its unit costs are critical, not only to its financial success, but also its social success as a cooperative offering mutual help to its members. Unlike the ordinary firm, a credit union is a cooperative venture which implies a slightly different set of motivational characteristics. As a cooperative, the credit union possesses no independent profit goals, but seeks to maximize the returns to the households which comprise its membership. It is a pure form of cooperative since the members are the depositors (shareholders) and also the users of the credit extended by it.
This paper attempts to develop a model of credit union costs, and to confront this model with empirical data, with the result that the hypothesis of decreasing costs (economies of scale) cannot be rejected.
In the following Section, a model of credit union costs will be developed. Section III deals with the empirical evidence, and some conclusions are discussed in Section IV. [ABSTRACT FROM AUTHOR]

The article presents an abstract by John J. Dran, Jr. for a dissertation entitled "A Cost Study of Ohio Credit Unions."

The article discusses federal credit unions in the U.S. The article examines the origins of federal credit unions in the U.S., takes a look at their state in 1959, and discusses their place in the financial system. The author states that the study focuses on their operations which are reflected in balance-sheet and income data. He explains that federal credit unions are a co-operative structure whose members have some pre-existing connection, usually in occupation. The article cites Edward A. Filene as the force behind federal credit unions in the U.S. and states that he spent 1 million dollars to further the American credit union movement.

Focuses on employee credit unions in the U.S. and Canada. Reasons for the growth of credit unions; Size of credit unions; Amount of union assets; Ranges of interest charge on the unpaid balance of loans; Perception of employees on credit unions.

Discusses the growth of credit unions in the U.S. Requirements for a state chartered credit union; Original capital for the union; Costs of supporting a credit union.

The article focuses on the credit unions operating in the United States. The first credit union in North America was organized at Levis, Quebec, in 1900. The credit union is a cooperative thrift and credit organization. It has three objectives which include encouraging thrift, providing a source of credit and educating in the democratic control and management of finance. The credit union idea has been steadily spreading since the first credit union was organized in 1848 in Germany. Credit unions are easy to organize and relatively simple to operate. Seven persons of a group having a common bond of interest such as employment, association, or residence may apply either to State or Federal Government for a credit union charter. Since credit unions are cooperative each member has one vote no matter how many dollars he may have on deposit. He exercises his vote once a year at the annual membership meeting. At that time he also elects Credit unions are operated by all kinds of people. Credit unions have been remarkably successful and clearly demonstrates that the average person can manage his own finances.

An abstract of the article "An Economic Analysis of Credit Unions in Michigan," by David L. McKee is presented.

The article presents a section of abstracts related to marketing research. They include "Operations of Credit Unions in 1941," and "The Cooperative Movement and the War."