Oxford Credit Union

The Oxford Credit Union was the first ever credit union founded in Lovia by George Oxford who was one of the first Cornish immigrants to the new settlement of Cornwall. The idea for the Credit Union was thought by Oxford in 1922 and eventually started in 1925 during the begining of the great depression and helped local businesses and those struggling with debts. Helping those through the depression the Credit Union became a staple in the community and the other two banks in the settlement closed. Its community oriented approach and non-profit message also helped in keeping the credit union alive.

The credit union is served by a five member board of directors elected every five years by the members of the credit union. One premanent member is an Oxford family member who cannot serve consecutive terms. All members on the board serve on a voulenteer basis. The board helps set interest rates, membership fees and review the actions of the credit union itself. Currently membership is offered to all people who are over 16, live in Cornwall (and can prove it through ID or pay stub) and can pay a membership fee of 25 dollars and a renewal fee every ten years of five dollars.

The credit union hold a "census" every two years, starting in 1960,  to better track members and see approval ratings. The credit union has never had an approval rating below 95% and currently has a 98% approval rating, never having a 100% approval rating. The union has 701 members, with the population of the town around 900 citizens.