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Methuen Municipal Employees' Federal Credit Union

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Methuen Municipal Employees' Federal Credit Union

Mission statement:

The mission of a credit union is to provide and promote the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping members gain some particular measure of personal financial success.

History:

The credit union idea is a simple one: People should be able to pool their money and make loans to each other. It's an idea that evolved from cooperative activities in 19th century Europe.

Since that time, the idea's guiding principles have remained the same:(1) Only people who are credit union members should borrow there; (2) loans are made for 'prudent and productive' purposes; (3) a person's desire to repay (character) is considered more important than the ability (income) to repay. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions.

As the 20th century began, the credit union idea surfaced in Canada. Canada's successful efforts profoundly influenced two Americans: Pierre Jay, the Massachusetts banking commissioner, and Edward A. Filene, a Boston merchant.

The two men helped organize public hearings on credit union legislation in Massachusetts, leading to passage of the first state credit union act in 1909.

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