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The North Carolina State Employees Credit Union, the second- largest in the United States, is receiving considerable criticism from the banking industry, which feels that the credit union acts like a bank and should be taxed like one.
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The concept of credit unions was a largely European concept, beginning in Germany, which was slow to be accepted throughout the South. John Sprunt Hill and Dr. Clarence Poe were the two men most influential to introducing credit unions to the state; which were not formally organized until the 1915 General Assembly unanimously passed the Credit Union Act. A history of the state's first credit unions is presented along with specific information pertaining to each institution's opening, members, and shares purchased.
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