redit Unions were established in the United States in 1909 to meet the credit needs of consumers and also as a response to the market failure of commercial banks to meet consumers' credit needs. Credit unions are non-profit financial institutions. They are member-owned, elect volunteer directors from among their membership, and do not pay income taxes. A primary characteristic of credit unions is that they are not open to the general public. Credit unions must identify a common bond among its members and limit membership to that group. The United States credit union industry has grown significantly over the past 100 years. As of the end of 2012, there were 7,070 credit unions with
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