Where and when was the first credit union formed?

Where and when was the first credit union formed?

• A. 1900, Maine
• B. 1912, Vermont
• C. 1908, New Hampshire
• D. 1899, Massachusetts

Answer: (C)

This question tests knowledge of where and when the first credit union formed. The material identifies the first U.S. credit union as being established in New Hampshire in 1908 by a group of workers who pooled their savings to lend to members at low rates. This event illustrates what a credit union is: a member-owned cooperative built to provide affordable credit and financial services to its members, rather than to earn profits for external shareholders. The significance is that this early formation set the pattern for the cooperative approach and sparked the growth of the credit union movement across other states and into broader regulatory recognition. The other dates and places aren’t presented as the earliest example in this course, so they don’t align with this origin story.

This question tests knowledge of where and when the first credit union formed. The material identifies the first U.S. credit union as being established in New Hampshire in 1908 by a group of workers who pooled their savings to lend to members at low rates. This event illustrates what a credit union is: a member-owned cooperative built to provide affordable credit and financial services to its members, rather than to earn profits for external shareholders. The significance is that this early formation set the pattern for the cooperative approach and sparked the growth of the credit union movement across other states and into broader regulatory recognition.

The other dates and places aren’t presented as the earliest example in this course, so they don’t align with this origin story.