2024 CUxEL Protégé Competition Exam Preparation
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Questions and Answers

Who organized the first cooperative credit society known as the people’s bank?

  • Friedrich Raiffeisen
  • Edward Filene
  • Alphonse Desjardins
  • Herman Schulze-Delitzsch (correct)
  • What was the primary aim of the Heddesorf Credit Union organized by Friedrich Raiffeisen in 1864?

  • To address the need for credit during a crop failure and famine
  • To provide affordable credit to working class families
  • To help German farmers purchase livestock, equipment, seeds, and other farming needs (correct)
  • To promote the development of credit unions
  • Who organized the first credit union in North America to provide affordable credit to working class families?

  • Herman Schulze-Delitzsch
  • Alphonse Desjardins (correct)
  • Pierre Jay
  • Edward Filene
  • Which individual hired Roy Bergengren to manage the Massachusetts Credit Union Association and promote the development of credit unions?

    <p>Edward Filene</p> Signup and view all the answers

    When did President Franklin Delano Roosevelt sign the Federal Credit Union Act into law?

    <p>1934</p> Signup and view all the answers

    What is the main purpose of credit unions?

    <p>To provide financial services to their members</p> Signup and view all the answers

    Where did the earliest financial cooperatives originate?

    <p>England</p> Signup and view all the answers

    What is the focus of the CUxEL Protégé Competition Exam?

    <p>Testing general knowledge of credit union operation, history, philosophy, and current events</p> Signup and view all the answers

    What is the role of the NCUA in relation to credit unions?

    <p>Regulating and supervising credit unions</p> Signup and view all the answers

    What defines credit unions as depository institutions?

    <p>They are created to serve their members as credit cooperatives</p> Signup and view all the answers

    What is the primary goal of the CUxEL Protégé Competition Exam?

    <p>To test knowledge of credit union operation and history</p> Signup and view all the answers

    Which country saw the earliest formation of financial cooperatives?

    <p>England</p> Signup and view all the answers

    What distinguishes credit unions from other depository institutions?

    <p>Their service as credit cooperatives to serve members</p> Signup and view all the answers

    Where can additional information about Credit Union history and facts be found?

    <p><a href="https://www.carolinasleague.org/page/WorldCUs">https://www.carolinasleague.org/page/WorldCUs</a></p> Signup and view all the answers

    In what year did credit unions start providing financial services to their members in the United States?

    <p>20th century</p> Signup and view all the answers

    What distinguished early credit unions organized by Herman Schulze-Delitzsch and Friedrich Raiffeisen?

    <p>One vote per member regardless of deposits</p> Signup and view all the answers

    What was the primary motivation behind the organization of the Heddesorf Credit Union by Friedrich Raiffeisen in 1864?

    <p>To provide affordable credit to German farmers</p> Signup and view all the answers

    What led Alphonse Desjardins to organize La Caisse Populaire de Levis, the first credit union in North America?

    <p>Observing the need for affordable credit among working class families</p> Signup and view all the answers

    What role did Edward Filene and Massachusetts Banking Commissioner Pierre Jay play in the development of credit unions in the United States?

    <p>Advocating for the Federal Credit Union Act</p> Signup and view all the answers

    What significant event occurred in 1934 in relation to the development of credit unions in the United States?

    <p>President Franklin Delano Roosevelt signed the Federal Credit Union Act into law</p> Signup and view all the answers

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