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12A THE OSHAWA TIMES, Thursday, Moy 6, 1965 IN 1849 CU Started In Bavaria In 1849, Friedrich Raiffeisen,; Unions were responsible for the who was mayor of a small! initial ground work. Bavarian vyillage in famine! stricken southern Ger any, | ARRIVED AT LAST : started the first Credit Union to| . The Credit Union movement assist his people in their plight. | finally gained public accep- His idea was very simple. A lot/ 'ance, when U.S. President money, but not sufficient to do| Harry Truman laid the corner themselves any good. By I-| stone of the movement's head- ing their funds, the villagers) quarters building in Madison, created a source of money to| Wisconsin in 1950, help each other and the loans| The CUNA building is a beau- were repaid along with a rea-| tiful structure. CUNA's Cana- sonable rate of interest, which | dian office operates out of Ham- was used to pay a dividend to| ilton, Ontario, under direction of the depositors. This was' and is| Manager Robert Ingram. the basic principle of Credit} In 1958, CUNA became a Union. The idea was born. worldwide association, open to | Credit Union Leagues through- FIRST IN AMERICA out the entire world. Alphonse Desajrdins was a re- The Oshawa and District porter in the Quebec Legisla-| Credit Union Chapter was also ture. A very philosophical man, | organized that year. Desjardins was concerned with the economic state of his neigh-/ WE GREW ALSO! bors and friends. Usury was _ The Ontario Credit Union prevalent in the area, and be-| League moved into its own new cause of the high interest cost,| building on Eglinton avenue in his people did not progress. He Toronto in 1960. In a unique heard about the European finan-| Move, the other street's name We Offer Ea Sincere Aufo Workers Credit Union on their NEW BUILDING . . . it's always a pleasure to do business with Credit Union People The Sign of Qualified Craftsmanship From a Complete Union Plant ... ! cial co-operatives and decided to do something about it. He was responsible for organ- izing the first North American Credit Union, at Levis, Quebec, in 1900. It was called a Caisse Populaire, which is the French equivalent of a Credit Union Hence, a Canadian and Can- ada gave birth to the North American Credit Union move- ment. Canada also gave North Amer- ica the first Credit Union law, which was approved by the Que- bee Legislature in 1906. SOUTH OF THE BORDER Edward A. Filene, a wealthy Boston merchant became inter- ested in Credit Unions after touring India and learning of similar institutions there. In 1909, the first American Credit Union was organized in a small Catholic: parish in the State of New Hampshire by Desjardins and Filene. These two dedicated men then promoted the first United States Credit Union law, through the Massachusetts Leg- islature the same year. ORGANIZING STARTED In 1921, Edward Filene, a philanthropist put more than $1,000,009 of his own money into) organizing the Credit Union Na-| tional Extension Bureau, to pro- mote Credit Union development | on a National basis, Roy F. Ber-| gengren, another pioneer ia the) Credit Union movement was) the Bureau Head. GOVERNMENT ACTED The United States Federal) Credit Union Act was passed in 1934. Through the efforts of Fil- ene, the Credit Union National Association (CUNA) was form- ed. The organization, which is now named CUNA International, was a non-profit self-supporting organization of Credit Unions, with Roy Bergengren as the first managing director. | INSURANCE TOO In 1935, after seeking savings insurance contracts for member Credit Unions and being reject- ed by the commercial insur- ance companies, the Credit Union movement started its own insurance company. Named the CUNA Mutual Insurance = So- ciety, it operates solely to offer saving and loan protection to Credit Unions and their mem- bers WE CAME NEXT Canada was included in the services of CUNA in 1940. While some provinces had been fre- ceiving service, the move. in 1940 included the entire Do- minion, STARTED ROLLING In 1941, the Ontarie Credit) | Union League was organized at on which the building also | stands was renamed Credit Union Drive. A REMEDY | In 1962, the United States Gov- ernment openly admitted that |Credit Unions bring economic 'progress to people. They re- quested that CUNA assist their agency for International Devel- | opment, a branch of the U.S. State Department, in organizing Credit Unions in under-develop- ed countries, CUNA also trains Peace Corps volunteers in Cred- it Union administration. IT DOESN'T END HERE! In Oshawa, and the surround- ing areas, as of November 30, 1964, there were 30 Credit Unions in operation with total assets of 13.5 million dollars. The Cuna Mutual Insurance Society paid a total of $16,944.08 life. savings insurance. to the beneficiaries of deceased mem- bers during their 1964 fiscal year, A member's savings, depend- ing on age at deposit, are gen- lerally life insured dollar for dollar to a maximum of $2,000. We Pride Ourselves On Our te PROMPT SERVICE % QUALITY WORK printing and lithography TELEPHONE 723-4670 ANYTIME ASK ABOUT OUR 24-HOUR SERVICE AUTO WORKERS (OSHAWA LTD.) CREDIT UNION Congratulations and Best Wishes the Royal Connaught Hotel in|] Hamilton. Forty-one Credit | : { | We Are Proud To Be A Part of the Completion of Your New Offices installers of:-- ® AIR CONDITIONING ® HEATING @ VENTILATION SYSTEM COOL-AIR SYSTEMS Lid. 229 Bridgeland Ave. TORONTO, ONT.