Credit Union: a civilized mechanism or trap

It happened that, as part of a superstate, we are at the end of the twentieth century were the natives in democracy and market economy.

Along with the new economic and legal realities to us in Ukraine flooded most dangerous "viruses." Not having the proper immunity, worked out by developed countries on the path of its progressive development, the disease struck whole industries and trends. Find a recipe is impossible. Only their own intellectual and volitional capacity will help us cope with such diseases, whether corruption, illegal land transactions, or something else.

Credit unions (CUs) as a non-profit financial institutions, the purpose of which is lending to its members, in a form in virtually all developed countries. For example, residents of the fishing village united H credit union - it's the problem of unplanned repairs boat financing, buying gear. Is not it wonderful? After all, interest rates and other loan terms set by the members of the Union, which then loans and take.

In Ukraine, the Financial Services Commission granted the status finucherezhdeny 803 credit unions. According to data announced at the conference All-Ukrainian Association of Credit Unions, held in May this year, the assets of unions on 01.01.2008 amounted to 5,261 mln. Do not forget about the "Programme of deposit protection." In short, there is ongoing development of non-banking financial institutions.

Is on the development of credit unions and a number of problems. From the moment they started to operate on the territory of Ukraine (Law "On credit unions" from 2001), these problems have not been solved. The main objective of many credit unions was making money on the most lucrative consumer lending. It is not surprising, because for a bank, which is also engaged in this kind of lending, needs considerable statutory fund. And the control of banks is much more serious. And with the non-profit institutions that take, especially if the Financial Services Commission and its departments, the Department for Supervision of credit unions, the state of "real teeth", that is, the necessary apparatus, powers and laws enshrined responsibility for violation of its provisions do not actually give.

All this would have been so bad if it were not for the presence of the total number of credit unions, which are essentially involved in outright fraudulent schemes. They are created on the basis of financial pyramids, when the expense of money involved a period of high interest rates paid to depositors. Over time payments cease and the deposits are not returned.

How does the similar "pyramid schemes"? The work begins with an active campaign in the local media "carry money on deposit at 27% per annum." Who came to talk about the correctness of their choice and take the money in the bank ... If it is made relevant by the deposit agreement, the COP taking money under the contract payment "of shares." In this case, do not mind the lack of dealers at the time of making these the most "shares for" formal membership of new investors in the credit union.

After that (attention), according to the law "On credit unions", the investor bears the financial risk for the work of the credit union in the amount of their shares, the right to property, which was transferred to the credit union. Certain period of the investor pay the promised interest payments and then stopped ... The credit union had the difficult financial situation, large debts, losses, etc. In this situation, the credit union exists for quite a long time, money, investors, of course, no one returns.

It does not help in this case, even that department for the supervision of credit unions Financial Services Commission at the beginning of 2005 has deprived this credit union license to attract money by individuals on deposits. And from 2005 to 2008, he wrote about a dozen letters to various law enforcement agencies (the Ministry of Interior, Security Service of Ukraine, the State Tax Administration, and finally, to the GPU) on the presence of illegal fundraising individuals. Reaction to law enforcement, as you can guess, no.

The saddest thing is that the Financial Services Commission, under the law, can not even fine the credit union, as it is unprofitable institution. Not to mention the necessary in the circumstances, the deprivation of the legal entity status of financial institutions and the right to call the credit union.

COP such diverse geography. Operate and function in Donetsk, Khmelnitsky, Cherkassy, Kharkov and other regions of Ukraine. This year alone, for example, the paper "Governmental Courier" twice wrote about the criminal charges against officials of the credit union.

Here it is, the disease of bureaucracy on the one hand, certify and license the "everything that moves", and the other - to allow complete lack of effective regulation of the entire industry.

It can be argued that if the law enforcement agencies, prosecutors, working effectively, and our citizens thought to have money ... It is that way, but that's just the problem of the effective direction to the right, the legal mainstream financial relationship with the state is not removed.

And yet, if you read the laws governing the operational-search activity, we find an explicit task for the authorities to combat economic crime - "providing pecuniary damage, the return of a victim of their property" - you will not find. And, for example, in the U.S. finance departments for combating economic crimes is in proportion to the funds returned to their rightful owners. We have the same problem of Economic Crimes, tax police, etc. provide statistics of solved ... See the difference?

And prove fraud dealers like very difficult. After all, it is necessary to prove that, but cheating, the party that dates cash is certainly not going to carry out the contract. Why people write, the victims of these COP, in all sorts of instances, but no good there. For example, the credit union "Financial Company" Capital-service "only deputy calls to law enforcement agencies is written about a dozen, but not that no criminal case was opened, or at least deny the excitement (because then people could go to court to protect their rights) ... A credit union continues to operate on, looking for new "investors" ...