First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.
The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system.