Question-answer

  • What is a Consumer Credit Union?

    Consumer Credit Union (CCU) is a voluntary association of individuals or legal entities on the basis of membership and on a territorial, professional or other basis in order to meet the financial needs of the credit union members, i.e. shareholders. In other words, these persons are united in a credit union on one or another basis for mutual financial assistance. The CCU functions similarly to a mutual aid fund.
    CCU activities are regulated by the Federal Law No. 190-ФЗ of July 18, 2009 "On Credit Cooperation".

  • Do you have a license?

    The Savings House CCU (hereinafter referred to as the Union) operates in accordance with the Charter of the Union, Federal Law No. 190-ФЗ of July 18, 2009 "On Credit Cooperation" (hereinafter referred to as the Federal Law "On Credit Cooperation"), other federal laws, statutes and regulations of the Russian Federation, and regulations of the Central Bank of the Russian Federation handling relations with the participation of credit unions.
    In accordance with Art. 5 of the Federal Law "On Credit Cooperation", regulation of relations in the field of credit cooperation is carried out by the Bank of Russia.
    According to Para. 4 of Part 2 of Art. 5 of the Federal Law "On Credit Unions", the Bank of Russia maintains a National Register of Credit Unions. Bank of Russia made an entry about the Union into the National Register of Credit Consumer Unions, which is published on the official website of the Central Bank of Russia in the information and telecommunication network Internet.
    Apart from that, the Bank of Russia, by virtue of Para. 7 of Part 2 of Art. 5 of the Federal Law "On Credit Cooperation" monitors and supervises credit unions’ compliance with the requirements of this Federal Law, other federal laws, statutes and regulations of the Russian Federation, and regulations of the Bank of Russia, taking into account the particularities as established in Article 35 of this Federal Law.
    In accordance with Art. 35 of the Federal Law "On Credit Unions", credit unions shall, within three months after their establishment, join a self-regulatory organization in the financial market that unites credit unions (hereinafter - SRO) and monitors SRO members’ compliance with the requirements of this Federal Law and (or) its subordinate laws and regulations of the Russian Federation, and regulations of the Bank of Russia.

  • What do you profit from?

    In accordance with the statutes in place, the CCU raises funds from shareholders and allocates them by issuing loans to the credit union members. Thus, the CCU profits from granting of loans issued strictly against the security of real estate.

  • Why are your interest rates so high?

    The interest on savings in the Union is the Central Bank key rate doubled, therefore, depositors receive significant returns. The higher the key rate, the higher the interest on savings in the CCU.

  • How to become your shareholder?

    To become a shareholder, you are to write a CCU membership application, which is considered by the board. After they make a decision, the applicant shall:
    1. Make contributions: fixed share contribution and membership fee.
    2. Obtain a shareholder certificate.
    In some cases, an applicant may be denied membership.

  • Where exactly is my money located?

    Money received from shareholders under a personal savings transfer agreement, by decision of the board, is used to issue loans to other members of the Union against the security of real estate.

  • How are my savings insured?

    Credit consumer unions have the following insurance instruments:
    1. Issuance of loans secured by real estate. To protect shareholders’ money, our CCU issues loans only against the security of property. If loan subscribers stop making payments, credit unions can repay the debt through judicial foreclosure.
    2. Payments from SROs: CCUs shall be members of self-regulatory organizations and make mandatory contributions. Of these, a security fund is formed, and, in the event of a union’s bankruptcy, money from it is supposed to cover the expenses of the union’s shareholders. The fund is formed at the expense of payments (contributions) of members of a self-regulatory organization, part of the income from the compensation fund employment, and at the expense of other sources not prohibited by law.
    3. CCU reserve fund: unions are required to raise funds for possible loan losses. They are raised from the income of the union and a part of the shareholder contributions. Thus, the reserve fund raising procedure simulates the bank deposit insurance system.

  • What documents shall be submitted to make an entry about a credit consumer union in the National Register of Credit Consumer Unions?

    There are no necessary documents unions shall submit to make an entry in the Register. The National Register of Credit Consumer Unions, in accordance with Paragraph 4 of Part 2 of Art. 5 of the Federal Law of 18.07.2009 No. 190-ФЗ "On Credit Cooperation" is maintained by the Bank of Russia on the basis of information received from the Federal Tax Service. The National Register of Credit Consumer Unions is updated once a month as information is received from the Federal Tax Service.

Get interest from day one

Leave your phone number and get special terms and conditions for saving your money! We work all over Russia

alt