Credit Unions and the Supply of Insurance to Low Income Households

Pat McGregor

Annals of Public and Cooperative Economics, 2005, vol. 76, issue 3, 355-374

Abstract: Abstract**: Credit unions are typically viewed as financial intermediaries that differ from commercial banks only in terms of their institutional structure. This ignores their historical development as mutual self‐help societies. The distinctive feature of a credit union is taken in this paper to be the provision of insurance – membership gives access to credit in the event of a negative income shock. Banks do not provide such loans because of the low credit worthiness of such borrowers. The application of the model to those credit unions designated as low‐income in the US allows them to be broken up into distinct types.

Date: 2005
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