20 Questions
Who organized the first cooperative credit society known as the people’s bank?
Herman Schulze-Delitzsch
What was the primary aim of the Heddesorf Credit Union organized by Friedrich Raiffeisen in 1864?
To help German farmers purchase livestock, equipment, seeds, and other farming needs
Who organized the first credit union in North America to provide affordable credit to working class families?
Alphonse Desjardins
Which individual hired Roy Bergengren to manage the Massachusetts Credit Union Association and promote the development of credit unions?
Edward Filene
When did President Franklin Delano Roosevelt sign the Federal Credit Union Act into law?
1934
What is the main purpose of credit unions?
To provide financial services to their members
Where did the earliest financial cooperatives originate?
England
What is the focus of the CUxEL Protégé Competition Exam?
Testing general knowledge of credit union operation, history, philosophy, and current events
What is the role of the NCUA in relation to credit unions?
Regulating and supervising credit unions
What defines credit unions as depository institutions?
They are created to serve their members as credit cooperatives
What is the primary goal of the CUxEL Protégé Competition Exam?
To test knowledge of credit union operation and history
Which country saw the earliest formation of financial cooperatives?
England
What distinguishes credit unions from other depository institutions?
Their service as credit cooperatives to serve members
Where can additional information about Credit Union history and facts be found?
In what year did credit unions start providing financial services to their members in the United States?
20th century
What distinguished early credit unions organized by Herman Schulze-Delitzsch and Friedrich Raiffeisen?
One vote per member regardless of deposits
What was the primary motivation behind the organization of the Heddesorf Credit Union by Friedrich Raiffeisen in 1864?
To provide affordable credit to German farmers
What led Alphonse Desjardins to organize La Caisse Populaire de Levis, the first credit union in North America?
Observing the need for affordable credit among working class families
What role did Edward Filene and Massachusetts Banking Commissioner Pierre Jay play in the development of credit unions in the United States?
Advocating for the Federal Credit Union Act
What significant event occurred in 1934 in relation to the development of credit unions in the United States?
President Franklin Delano Roosevelt signed the Federal Credit Union Act into law
Prepare for the 2024 CUxEL Protégé competition exam with this online resource. Test your knowledge of credit union operation, history, philosophy, and current events on a national and local scale through a 20-question multiple-choice exam. Familiarize yourself with the provided material and linked websites to enhance your preparation.
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