Development Of Credit Unions Research Articles

Literature Review: Development of Credit Union Research Topics Perspectives in The Field of Financial Accounting

In the modern era, technological developments are changing so rapidly that they are causing social imbalances, including in the business world. Current entities must be able to adapt to changes in the modern era, one of which is the non-profit Credit Union entity. The purpose of this research is to examine trends in mapping the development of Credit Union research because considering the current conditions, many non-profit entities need information to make decisions quickly, accurately and accountably. This research uses descriptive quantitative methods with a Literature Review model using VOSviewer and Publish or Perish. The data used is secondary data obtained from the official website of the Scopus journal. The research conducted focuses on the sub areas of Financial Inclusion, Consumer Welfare, Commercial Banks and Cooperatives. The research results found a total of 200 Scopus articles from 2018 to 2024 and sorting was carried out to find articles that were relevant to Credit Unions. The results of this sorting found 59 Credit Union articles. Thus, the sample size of this research was 59 articles from the 200 articles found. The development of Credit Unions with analysis of topics, keywords, authors, journal names, organizations and countries is the result of research mapping. Researchers also found that the development of Credit Union research fluctuated every year based on the results of the researchers' analysis. The contribution of this research is to provide an overview of a broader research area for future researchers in the Credit Union research topic focused on financial accounting.

КРЕДИТНІ СПІЛКИ В УКРАЇНІ: СТАН ТА ПЕРСПЕКТИВИ РОЗВИТКУ

The article considers the essence and importance of credit unions in the development of the economy, explores and identifies the main issues of development of these market participants, offers proposals to improve the efficiency of credit unions in Ukraine and assesses the prospects for their development. As a result of our research, we have identified the main features and principles of credit unions. The article notes the differences between credit unions and banking institutions. The role of credit unions in the structure of financial services markets has been determined. It is emphasized that credit unions play an important role not only in the economic development of the state, but also have a significant socio-economic importance for the progressive processes in the country. The key factors influencing the development of credit-cooperative movement and determining the role of credit unions are the following: availability of financial resources of credit unions in comparison with other subjects of financial services markets, which is conditioned by the economic development level of the state; understanding of the co-operative nature of credit unions by the general public as a non-profit public-financial organization, which furthermore greatly promotes institutions, fosters trust and enhances their social significance; proper system of state supervision and regulation of credit cooperation. Credit unions defend the interests of the Union, its shareholders, lenders and national interests in the credit relations process. Credit unions are regarded as an important part of financial market infrastructure by the article author. Such institutions created by a group of people, not for profit, but for the provision of services to its members. The main prerequisite for the effective functioning is the fulfillment of key performance indicators of credit unions. The reasons for Ukraine's lag behind global trends in the development of credit unions are identified, measures are planned that could contribute to the expansion of effective credit unions, the implementation of positive quantitative and qualitative changes in their activities in the coming years.

Оцінка діяльності кредитних спілок на фінансовому ринку в Україні

The article is concerned with analyzing the current state of development of credit unions and carrying out assessment and structuring of the main reasons that hinder their further development. It is defined that today in the world the most common form of financial cooperatives are credit unions that provide loans to socially vulnerable segments of the population and provide financial support to small business entities, farms, which becomes especially relevant during the pandemic. Information on the volume of activities of credit unions in some countries of the world and in Europe is provided. It is noted that the activities of credit unions in Ukraine are at an unsatisfactory level, as a result of the crisis in credit unions, the quality of loan servicing began to deteriorate. Overdue arose not only for consumer loans, but also concerning the loans for business needs. The current situation is analyzed and the main stages of development of credit unions are allocated. On the basis of a comparative analysis of the activities of credit unions and banks, the main advantages and disadvantages in the work of credit unions are allocated. A structural view of the reasons that hinder the development of credit unions is proposed. A model is constructed that allows to propose a sequence of actions, structure existing causes and identify critical ones, namely, imperfection of legislative regulation, presence of institutional restrictions, economic and political instability. It is concluded that at the present stage of development of the system of credit unions in Ukraine, scientific substantiation and legislative regulation of this segment are necessary, taking into account domestic peculiarities and international experience. Credit unions, in turn, should implement the latest technologies and expand the range of services, which will allow to work for a wider audience.

Formation of traditions of financial support of activity and banking development on the Ternopil region’s lands

The article considers the peculiarities of the formation of traditions of financial support of private business and public associations in the lands of Ternopil region. The main trends in the formation and development of banking in the Western lands of Ukraine, including Ternopil region, are described. The main types of financial and credit companies that operated in the lands of Ternopil region in the late XVIII - early XX centuries are considered. It has founded out which banks were among the first in the city of Ternopil and region. It is investigated which institutions now function in the buildings of the first banks. The main reasons and purpose of creation of financial and credit societies by territorial communities at the end of XVIII - the beginning of XX centuries are substantiated. The role of rural cooperatives and banks in the life of Ukrainians during the Polish and Austro-Hungarian occupation is considered. The analysis of transformations of financial and credit institutions of Western Ukraine and Ternopil region after the Second World War and the arrival of the Soviet occupation regime is carried out. The main trends in the development of banking after Ukraine's independence have been studied. (The way which the structure of the banking system was presented in Ternopil region was considered). How the structure of the banking system was presented in Ternopil region is considered. The main directions and areas of activity that commercial banks have lent in large amounts, as well as those industries that are constantly underfunded by both the state and the banking sector are identified. The impact of the reform of the banking system of Ukraine in 2014-2015 on the economic activity of banking and entrepreneurial business of Ternopil region is considered. Negative tendencies in the change of the structure of bank capital were revealed – not in favor of national capital. The existence of risks of growth of foreign capital share in the banking sector of the national economy is substantiated. The main problems of development of credit unions under modern conditions (in the current circumstances) are revealed. The existence of interrelation and interdependence between the share of the national component in the capital of financial institutions and the level of development of strategically important economic and social state-building processes is proved. The main problems and ways to solve them are identified in order to expand the opportunities for financial support of national businesses and local communities.

ФІНАНСОВИЙ ПОТЕНЦІАЛ КРЕДИТНИХ СПІЛОК У СИСТЕМІ РОЗВИТКУ МАЛИХ ФОРМ АГРОБІЗНЕСУ

Formulation of problem. The article is focused on the analysis of trends of development of credit unions and the basis for scientific and practical recommendations regarding increasing the financial potential of credit unions in system of development of small forms of agrarian business. The aim of research is the development of theoretical aspects and practical recommendations regarding increasing the financial potential of credit unions in system of development of small forms of governance in agrarian area. The object of the research is the financial potential of credit unions. Methods, used in research: generalization, comparison, logical and informative, scientific knowledge, induction, analysis. The hypothesis of the research: analytical evaluation of development trends of credit unions for identification of the feasibility of fund-raising for small forms agrarian business. The statement of basic materials. The dynamics of quantity of credit unions, the number of persons included by them, the amount of capital, loan and deposit portfolio, risks of activity is analysed as a whole and in the frames of all -Ukrainian association. The critical estimation of le gal status and prudential regulation is provided, their influence on the disclosure of financial potential of credit unions and their advantages for small forms of agrarian business as representation in regions with developed agricultural production, territorial accessibility, the opportunity of to give modest amouts of credit sums for a long term for household plots and farms is determined. The originality and practical significance of the research is the development of recommendations regarding support for small forms of governance in agrarian area by credit unions. Conclusions and perspectives of further researches. Credit unions (CU) have significant competitive advantages over banks at the level of consumer loans and credit for rural commodity producers. Therefore, free fund-raising of credit unions will play an important role in the development of small forms of governance in agrarian area.

Cooperatives in IT-sphere: existing experience and possible models

The purpose of this article is to explore cooperatives (as a unique form of business based on solidarity and democratic values) operating in the sphere of IT. Methodology of research. Practically complete absence of research on development of cooperatives in IT sphere created the need to use empirical information from the websites of specific cooperatives in different countries. Using historical method and analogy method made it possible to establish the principles and mechanisms of cooperatives' activities in IT sphere. Logical method made it possible to substantiate the hypothesis about possibility of creating different models of IT-cooperatives; information about their existence is not available, but they can theoretically be created. Findings. The unique nature of cooperatives, reasons of their origin, their types, features and extent of development in some countries are analyzed here. It is determined that cooperatives in IT sphere represent rather new and practically unexplored modern scientific issue. On the basis of empirical data, we have generalized the experience, motives for creation and activity directions of some IT-cooperatives in different countries. Practical value. This article is the first in Ukraine and one of the first in the world, which contains attempt of scientific substantiating the benefits which IT-related people, especially freelancers as well as small IT-companies can get by uniting into cooperatives. It also provides possible models for IT-cooperatives, which can potentially be created in IT sphere. Keywords: cooperatives, cooperation, IT-cooperative, IT, information technologies, types of cooperatives, IT-business, IT-company, freelance. REFERENCES 1. Honcharenko, V., Panteleimonenko, A., Pozhar, A., Stetsenko, V. (2019). Cooperatives in IT sector: theoretical and practical aspects. Periodicals of Engineering and Natural Sciences (PENS). – Vol. 7, No. 2, August 2019, pp. 597–607. 2. Honcharenko, V., Panteleimonenko, A., & Pozhar, A. (2019). Deformation of cooperative idea in “Soviet” period and development of pseudo-cooperatives: the consequences for Ukraine. ICA-CCR ’19: Research Conference Berlin. - Cooperatives and the transformation of business and society At: Humboldt Univeristy, Berlin, Germany, August 21–23, 2019. 3. Valentinov, V., Iliopoulos, K. (2013). Economic Theories of Nonprofits and Agricultural Cooperatives Compared: New Perspectives for Nonprofit Scholars. Nonprofit and Voluntary Sector Quarterly. – February 2013 – № 42 (1) – рр. 109–126. 4. Honcharenko, V., Panteleimonenko, A., Pozhar, A., Stetsenko, V. (2019). Cooperatives in IT sector: theoretical and practical aspects. ICCMIT ’19. The 5th International Conference on Communication, Management and Information Technology. – March 26–28, 2019, Vienna, Austria. 5. Hanisch, M. (2013). Cooperatives and poverty reduction: a literature review // Journal of Rural Cooperation, 41(2), 2013, pp. 114–146. 6. Goncharenko, V. (2012). Vazhlyvist vidrodzhennya kooperatyvnykh bankiv v Ukrayini v umovakh pohlyblennya kryzovykh yavyshch u svitoviy ekonomitsi [The importance of the revival of cooperative banks of Ukraine in terms of deepening of crisis phenomena in world economy]. Mizhnarodna naukovo-praktychna konferentsiya Mizhnarodnyy kooperatyvnyy rukh: henezys ta tendentsiyi suchasnoho rozvytku – International scientific-practical conference The International cooperative movement: genesis and modern development trends. (pр. 208–213). Poltava[in Ukrainian]. 7. Honcharenko, V V. (1998). Kontseptsiia neprybutkovoi pryrody kooperatyviv [Concept of non-profit nature of cooperatives]. Naukovopraktychna konferentsiia Problemy rozvytku spozhyvchoi kooperatsii Ukrainy v rynkovomu seredovyshchi : The Scientific and Practical Conference Problems of development of consumer cooperatives of Ukraine in market relations. (pp.131–138). Lviv : Kooposvita. [in Ukrainian]. 8. Dovgal, O., Kazakova, N. et al. (2018). Hlobalizatsiya ta rehionalizatsiya yak vektory rozvytku mizhnarodnykh ekonomichnykh vidnosyn [Globalization and regionalization as vectors for the development of international economic relations]. Kh: VN Karazin Kharkiv National University [in Ukrainian]. 9. Honcharenko, V. (2001). Teoretyko-metodolohichni pidkhody do vidrodzhennya natsionalnoho kooperatyvnoho rukhu [Theoretical and methodological approaches to the revival of national cooperative movement]. Visnyk Poltavskoho derzhavnoho silskohospodarskoho instytutu – Bulletin of the Poltava State Agricultural Institute, 5–6, 10–15 [in Ukrainian]. 10. Honcharenko, V. (2005). Osoblyvosti ta zakonomirnosti vidrodzhennia ta rozvytku kredytnykh spilok v Ukraini [ Features and Patterns of Recovery and Development of Credit Unions in Ukraine]. Sait ministerstva finansiv Ukrainy [Website of the Ministry of Finance of Ukraine]. http://195.78.68.18/minfin/control/uk/publish/article?art_id=59928&cat_id=57142 (accessed 10 May 2019) [in Ukrainian]. Published: 2020-03-26

Credit unions in Croatia: challenges ahead and far forward

Credit unions as one of the prominent examples of mutual or cooperative societies in the financial sector share important tasks ranging from financial intermediation for different affinity groups, fostering financial inclusion and community development to social cohesion. In CEE countries, the mutual and cooperative sector in general and credit unions, as well, are less developed compared to advanced economies. This is due to historical and political reasons but also because of competitiveness in the financial sector, financial integration, regulatory requirements, low level of consumer protection and financial literacy. Low interest rate environment, digitalisation, development of the FinTech sector and demanding regulatory compliance could pose diverse effects on prospects of development of credit unions. The aim of this paper is to discuss development prospects of credit unions in Croatia from the perspective of regulatory changes, contemporary challenges in the financial sector, role in society and consumer perspective.

SUSTAINABLE DEVELOPMENT OF THE NON-BANK FINANCIAL MARKET SUBJECTS OF UKRAINE: PROBLEMS AND PROSPECTS OF FUNCTIONING

In the context of a systemic banking crisis in Ukraine, the financial mediation vacuum on redistribution of funds instead of banks would have to fill the non-bank financial market. At the same time, those expectations and preconditions regarding the development of the non-bank financial market in UkraineThe goal of research is to analyze the trends, problems of the development of the non-bank financial market, the theoretical substantiation of the proposals and the development of practical recommendations for improving the existing regulatory requirements that will promote its sustainable development. In accordance with the stated goal, the following research objectives have been formulated:a) to analyze the development trends in the context of financial market entities to distinguish between those financial and credit institutions that are not characterized by progressive development;b) to investigate the legal framework regulating the activities of participants of the financial market, to point out the shortcomings and inconsistencies that do not motivate their development;c) to propose a mechanism for localization of the problem of low level of public confidence to the participants of the financial market.The article presents a statistical and retrospective analysis of the non-bank financial sector development dynamics in Ukraine. The indicators, which have been the most significant changes during the last four years (2014—2017), are revealed, and the problems, which flow substantially on the dynamics of their development, are outlined. The comparative analysis disclosed the problems of the legislative field of Ukraine, which do not support the development of credit unions, insurance companies and sustainable economic development of Ukraine as a whole. Applying the historical method to the EU Directives on the development of individual financial market participants, in particular, credit cooperation, the insurance market, the authors were able to develop proposals for the progressive development of a given segments of the market of financial intermediaries in Ukraine, which will promote the sustainable development of small and medium-sized businesses whose interests banks often ignore or fail to focus on focusing on meeting the financial needs of corporate clients, large business enterprises. Also, in this research, by applying methods of analysis, synthesis of legislative acts, state programs of development of the financial sector of Ukraine, the emphasis was placed on the effectiveness of implementing in the legislative acts of Ukraine mechanisms and standards that would bring domestic normative, legal, organizational and financial requirements closer to the world. , on the one hand, the growth of confidence in the functioning of financial intermediaries and, accordingly, the growth of their resource potential at the expense of domestic sources of filling resource base of another implementation of declared European integration processes in Ukraine.

Historical aspects of development of accounting in credit unions in the second half of the nineteenth century and at the beginning of the twentieth century

The expedition of studying the peculiarities of the development of credit unions in the historical retrospective has been grounded. The history of the emergency and expansion of credit unions in different countries of the world has been considered. The dependence of the development of credit cooperatives on the territorial affiliation of Russian lands with the Austria-Hungary and Russian Empire in the second half of the nineteenth and early twentieth centuries has been analyzed. The features of construction of the accounting system of Ukrainian credit unions on the territory of the Austro-Hungarian Empire have been disclosed. The influence of the development of professional organizations and normal regulation on the construction of the accounting system of credit unions on the territory of the Russian Empire has been considered. Approaches to building an accounting system of credit unions in English-speaking countries have been excluded. The relationship between accounting information and the functioning of the corporate governance system of credit unions has been identified. The necessity of paying due attention to solving the problem of minimizing the opportunistic behavior of credit union management on the basis of improving their accounting system has been grounded.

Розвиток кредитних спілок в Україні

Non-banking financial institutions, which include credit unions, is a important tool for solving the social and financial problems of the categories of people who are most in need. The credit cooperation movement is an important component of the social economy, as it contributes to the self-organization of people and the formation of civil society. The purpose of the article is to reveal the essence and significance of credit unions in the development of the country's economy and the well-being of its households, to identify trends in their development in the world and in Ukraine, to justify the conditions necessary for the manifestation of positive quantitative and qualitative changes in their activities. The historical background of the development of credit unions and the direction of their further evolution were disclosed. The functions of modern credit unions were determined. The analysis of quantitative and qualitative changes occurring in the activity of credit unions in Ukraine and in the world was carry out, and the factors that caused them were identified. In 2017, the average-statistical Ukrainian credit union totaled about 1490 members; thus, it was not numerous compared to the world average - 2920 members. It was determined that the credit unions, which have more members, are more resistant to the effects of negative factors. The structure of the loan portfolio of credit unions has remained virtually unchanged for many years, while the structure of the deposit portfolio tends to improve due to an increase in the share of long-term deposits. It was revealed that after an eight-year recession, in 2017 the stage of a gradual rise in the development of credit unions of Ukraine began. This trend may continue in subsequent years if: there will be no crisis situations in the economy; the problem of guaranteeing deposits of members of credit unions will be solved; the financial competence of managers and members of credit unions will rise; state and self-governing organizations will conduct the effective control over the financial condition of credit unions.

ГЛОБАЛЬНІ ТЕНДЕНЦІЇ РОЗВИТКУ КРЕДИТНИХ СПІЛОК

The article presents the results of a study aimed at identifying global trends in the development of credit unions. Recommendations were also given on the management of credit unions in Ukraine in the light of trends identified. Cross-regional features of credit unions in the global dimension have been identified. Those FinTech tools that promote the development of these financial intermediaries have been identified. The activity of credit unions in Ukraine is analyzed and the specifics of their development are determined. In the article it is proved that in the near future the market of credit unions will continue to grow and today there are no prerequisites for its rapid decline, at the same time, the management of credit unions must take into account the likelihood of a new financial crisis. The article will be of interest to credit union managers, financial market regulators, and academics with relevant scientific interest

Analýza vývoje družstevních záložen v novodobé české historii s akcentem na regulatorní změny

Tento článek se zabývá vývojem v sektoru družstevních záložen v České republice. První část práce popisuje historii sektoru a faktory, které jej ovlivňují. Druhá část se zabývá vývojem družstevních záložen v posledních letech. Ukazatele finanční analýzy popisují vývoj odvětví a ukazují vliv jednotlivých událostí, např. odebrání povolení k činnosti jako družstevní záložna nebo transformace na banku. Hlavní důraz je kladen na novelu zákona č. 87/1995 Sb., o spořitelních a úvěrních družstvech, ve znění pozdějších předpisů, který upravil povinnosti členů družstevních záložen a zajistil tak větší participaci těchto členů na chodu samotné družstevní záložny. V příspěvku je také popsán vliv prostředí nízkých úrokových sazeb na vývoj ziskovosti a návratnosti vlastního kapitálu. Závěr práce je věnován předpovědi budoucího vývoje s ohledem na změny regulace a tržního prostředí.

Status and prospects for the development of credit unions in Ukraine

Credit unions increase social orientation and efficiency of the market economy by providing their members with necessary financial services on a non-profit basis. Unfortunately, the role of credit cooperation is underestimated in Ukraine. The article investigates factors, condition and prospects for the credit unions’ development as an important component of Ukrainian economy. Both optimistic and pessimistic scenarios of credit unions’ development in Ukraine have been provided based on forecasts involving methods of analytical equalization of dynamic series, correlation and regression analysis and extrapolation. Analysis of the main indicators of credit unions’ activity in Ukraine between 2004 and 2016 made it possible to detect that between 2008 (when indicators were the highest) and 2016 there was a downward trend in the number of credit unions (by 41%), membership (by 76%), total assets (by 66.5%), deposit and loan portfolios (by 79 and 68%, respectively) with a relative stability of capital ratio (by 39%). Creating a cooperative cluster which will be able to combine the material, monetary and labor resources of all major types of cooperatives in the country at the regional level has been outlined as one of the means to increase the credit unions competitiveness in Ukraine. Therefore, the purpose of the article is to assess the state and forecast trends in the development of credit unions in Ukraine in order to identify the prospects for their functioning in the future.

Introduction of new mechanisms for lending to agricultural producers in the context of the formation of cooperative prerequisites for market infrastructure

Studies in the article, to encourage wider coverage of current issues of agricultural production cooperatives as one of the important legal forms of agricultural production. It was determined that the development of the cooperative movement is an important part of agrarian reforms in rural areas, makes it possible to take into account and meet the interests of each member cooperatives.We consider the shortcomings of legal provisions regarding the use of the mortgage institution. A schematic diagram of forming agricultural land market. Participation of international financial institutions in financing agricultural producers and the activities of credit unions in the area of microcredit.Mortgages are a necessary link in the infrastructure of the organization and functioning of the agricultural sector, the decisive influence which provides the regulatory framework of land reform. An important role in agricultural production credit with the credit unions by which simplifies percent obtain credit, especially for credit support in the form of collateral, reduced transaction costs and loan rate.It is proposed that the development of the credit system of agricultural producers on the security of land and other real estate in Ukraine need to create a specialized financial institution State Land (Mortgage) Bank, which is owned by the monopoly right to conduct transactions with agricultural land being withdrawn in case of non-repayment of credit provided borrower secured by land.It is proved that the problem of agricultural lending in Ukraine need to find alternative sources of funding. Especially important is the development of credit unions whose primary purpose is to improve the socio-economic condition of people who combined for joint problem solving. For this, credit unions have two main functions - to ensure regular saving people and provide loans to its members at relatively low interest rates.

Рекапіталізація небанківських фінансових установ в Україні: обмеження та механізми

The article deals with the recapitalization of non-bank financial institutions, in particular, credit unions and insurance companies. Raising the capitalization of non-bank financial institutions is one of the most important issues of the financial sector during the financial and economic crisis in Ukraine. The appropriate level of capitalization of insurance companies and credit unions ensure their solvency. Sufficient capitalization allows non-bank financial institutions to neutralize the risks of financial activities and obtain an appropriate level of profit under uncertainty. Economic recession and stagnation of the domestic financial sector calls for scientific justification of the ways of increasing capitalization of credit unions and insurance companies under the current socio-political and economic crises, which is the purpose of the article. A consequence of the global financial crisis of 2008 was the sharp decapitalization of credit unions in Ukraine. In this context, a series of issues related to the functioning of credit unions require solution, such as: improvement of the legal framework; consolidation of the cooperative nature of credit unions; issues of supervision and control over credit unions; protection of credit unions' depositors and others. One of the main ways of increasing the capitalization of domestic insurance companies is improvement of state regulation. Effective state regulation of the activities of companies in the insurance sector could ensure their efficient operation and increased capitalization, as well as protection of policy holders and insurers etc. Scientific and practical importance of the research's results consists in defining the main guidelines of the development of credit unions and insurance companies, which is a prerequisite for improved operation and recapitalization of non-bank financial institutions. In particular, to improve the capitalization of insurance companies, it is necessary: to provide a sufficient depth of insurance coverage (increasing the share of premiums in GDP); to introduce a mechanism of compulsory insurance on matters affecting the national interests, which would contribute to the stability of the economic environment and increased insurance premiums; to provide investment orientation of the insurers by strengthening the institutional focus of the insurance funds and creating favorable conditions for receiving investment income and capitalization through increased insurance reserves; to mobilize significant investments in international capital markets in order to facilitate intensive and irreversible integration of the insurance market of Ukraine in the world economy; and to provide innovative insurance services, and upgrade the existing insurance products to attract a wide range of insurers.

Peculiarities of legislative and normative regulation of credit unions in Ukraine

The main legislative acts regulating activity of credit unions before Ukraine's independence, and acts regulated operation of credit unions at the present stage of development are reviewed in the article. The basic organizational and legal aspects of credit unions in Ukraine are analyzed. The role of state support in the development of credit unions in Ukraine is defined.Analysis of legislation regulating of credit unions in Ukraine will help determine the need for a law to further improve the functioning of credit unions. It is not possible to form and improve the existing legal system of credit unions in Ukraine, the legal basis of their creation and activity, without analyzing their historical roots.The results of the article can be used in further research and improvement of the topic.In this study, we proposed a detailed description of all legislative and regulatory acts regulating activity of credit unions in Ukraine.

Credit Unions as Cooperative Institutions: Distinctiveness, Performance and Prospects

Credit unions are not for profit cooperative financial institutions which provide financial services to a membership defined on the basis of a common bond. In 2013, there were 56,904 credit unions across 103 countries with 207.9 million members. There is a great diversity within the credit union movement across these countries. This reflects the various economic, historic and cultural contexts within which credit unions operate. This paper traces the historical development of credit unions in different parts of the world. We investigate what sets credit unions apart from other financial services organisations, placing a particular focus on the role they play in building social capital and community relations and empowering members. We also discuss the challenges to the future development of credit unions. These include increased regulatory burdens, capital constraints, declining membership involvement, and tensions between social and economic objectives.

Prospects of credit unions’ development as a necessary tool for providing financial services

The paper examines recent trends in the development of credit unions and defines priority areas of their future activities. In particular, a detailed analysis of the Ukraine’s credit unions state, focusing on the causes of problems in the activity of credit unions, is made. The purpose of this paper is to analyze the efficiency of the credit unions’ development and their importance as a tool of providing financial services. A statistical analysis of the credit unions makes it possible to assess the real state of the prospects for the credit unions’ development in Ukraine and the appropriateness of their creation. The paper results can be used for further research and improvement in this area. Also, directions and areas for improving credit unions in the Ukrainian market of financial services are proposed. First of all, we have proposed to improve the monitoring of financial transactions carried out by credit unions from the state because the state is a guarantor of public confidence in such financial institutions.

Development of credit unions as instrument for expansion of crediting

Development of credit unions as instrument for expansion of crediting

À la marge ou grand public : conséquences de la politique d’insertion financière sur le développement des coopératives d’épargne et de crédit

Cet article se fonde sur des recherches empiriques menées sur les performances financières et opérationnelles des coopératives d’épargne et de crédit (CEC) au pays de Galles. Cette recherche s’intéresse au soutien financier du Parlement gallois et du gouvernement britannique et aux conséquences qu’aura le programme d’insertion financière sur l’espace économique et social occupé par les coopératives d’épargne et de crédit. Cet article met l’accent sur un aspect particulier de la recherche : les entretiens réalisés avec des acteurs clés, des décideurs et des politiciens. Le mouvement naissant des coopératives d’épargne et de crédit s’est développé sous les bons auspices d’un gouvernement décentralisé. Cependant, les chercheurs remarquent que se préoccuper d'un programme d’insertion financière tout en se battant pour devenir des institutions financières coopératives indépendantes non seulement met à rude épreuve la performance financière et opérationnelle des coopératives d’épargne et de crédit, mais présente aussi des défis particuliers en termes d’orientation stratégique, de gestion et de gouvernance pour ces organisations en plein essor. À cet égard, cet article constitue une pièce de taille dans le puzzle du développement des CEC en Grande-Bretagne.