procedure debt The exclusion of credit unions from the list of non-profit organizations
can not solve a particular problem. The transition to a profitable form of organization
of activities will make credit unions similar to banking institutions, which will radically
change the nature of credit unions as a kind of cooperation, turn it exclusively into a
commercial enterprise [3, p. 86].
At the current stage of development of the Ukrainian economy, there is a need for
qualitatively new approaches to the development of both theoretical, methodological
and practical recommendations for the development of credit unions. It is they who can
create a financial basis for the effective satisfaction of the needs of the population and
businesses in a crisis [4, p. 12], to ensure the stabilization of the socio-economic
situation of the country [5, p. 423], as well as, in our opinion, stimulate social and
affluent mobility in society.
The study of the activities of credit unions is engaged in a large number of foreign
scholars.
Aaron K. Chatterji, Jiao Luo, Robert C. Seamans (2015) have found that credit
unions gain market share from banks following the financial crisis, on average. These
gains primarily accrue to credit unions that embody traditional identities that are
distinct from banks. Authors consider that the effects are larger in regions where
cooperative organizations, with missions analogous to credit unions, are already more
prevalent. This effects are mitigated in regions where banks co-opt specific features of
credit unions, in this case through local philanthropic giving [6].
Credit unions are survived and grown over many years and in many countries and
Donal McKillop and John O.S. Wilson (2014) have demonstrated what can be achieved
by a volunteer‐led not‐for‐profit movement. In today’s turbulent global environment,
the need for cooperative organisations has never been greater. Credit unions are shaped
by their environment and need to stay relevant to new times. Irrespective of this they
remain cooperative member-driven financial organisations. Thus membership
participation is the critical element necessary to ensure on going advance of the
movement [7].
Cristina Barna and Ancuţa Vamesşu (2015) have emphasized that сredit unions
are social economy entities that have an important contribution to preventing financial
and social exclusion in Romania. These social economy entities have been a
considerable support during all these times for persons with low income in Romania,
being credible institutions. Authors have described and analyzed the specificity of
Romanian credit union model, that could be seen in the same time as a social
innovation, with a big multiplier effect in economy and society, generating inclusive
growth and development; an overview of the dynamics of the sector, considering the
most recent available statistical data [8].
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