CREDIT UNION NORTH AMERICA

Roy F. Bergengren's Book on the Credit of Union Movement, Reviewed by Prof. James F. Cusick

byRoy F. Bergengren '03, Southern Publishers,Inc., Kingsport, Tennessee, 1940, pp. 362.$2.00.

THIS IS Mr. Bergengren's fifth credit union book, a series which has developed from a long experience in the credit union movement. Mr. Bergengren was associated with Edward A. Filene, the founder of the cooperative credit movement in the United States, from 1921 until 1934 when the Credit Union National Association was formed to carry on the work. At present he is the managing director of the Credit Union National Association.

A credit union is a cooperative society, organized within a group of people who have some existing bond of association, for the purpose of encouraging saving, supplying credit to the members at reasonable rates of interest, and educating the members in the management and control of their own money. At present there are over 10,000 credit unions in North America containing nearly three million members.

The book contains an exposition of the philosophy and history of the credit union movement as well as much practical information pertaining to organization, administration, and education. Many stories and illustrations taken from the author's long experience in the credit union movement enliven its pages.

Throughout the book there runs an abiding faith in the ability of the common man to control his own destiny. This ability is often latent in many individuals and Mr. Bergengren sees in the credit union movement, as well as the cooperative movement in general, an institution which offers training and practice in the field of self-government. In these days when democracy is being questioned in many regions it is refreshing to read this positive reaffirmation of its basic principle which also focuses attention on a specific institution by which the democratic principle may be encouraged.